A. Finding results of transaction
B. Recording of financial transaction
C. Analysis of financial events
D. None of these
Brief facts about this MCQs:
Bookkeeping is also known as recording to all transaction. It is the recording of financial transactions/events. Moreover, it is part of the process of accounting in business and other organizations. Further, It involves preparing source documents for all transactions, operations, and other events of a business or firm.
For proper implementation of bookkeeping, companies need to first choose which basis of accounting they will follow for their business. Moreover, companies can choose between two basic accounting methods. The first one is Cash Basis of Accounting and the second one is the Accrual Basis of Accounting. The difference between these types of accounting is based on the timing for when the company actually records a sale or purchase in the books.
Also Read: Difference between Cash Book and Cash Account