January 23, 2007 10:07pm CST
Book-keeping refers to the recording of the economic events.It is a process of recording accounting information.In other words,Book-keeping usually involves only the recording of economic events,i.e.transaction and is ,therefore,just one phase of accounting and involves journalizing,positing into ledger accounts and balancing and closing(of ledger accounts)them. It is an are of recording the bvusiness transactions, i.e. accounting the ledgers according to a standard set of steps. It is a process of correctly recording in books of account transactions in money or money's worth. According to R.N.Carter "Book-keeping may be described as the science and art of correctly recording in the books of account all those business transactions that result in the transfer of money or money's worth.
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