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Bookkeeping is the practice of recording day-to-day financial transactions such as purchases, sales and payroll. Transactions are typically recorded in chronological order in a document known as a journal. This is used as a source for accounting processes such as preparing financial statements. |
Area | Accounting | Definition | The practice of recording financial transactions. | Value | A basic source document for accounting processes. Required as per the first general rule of accounting that states that all transactions are recorded. | Related Concepts | Double-Entry Bookkeeping |
Financial Management
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