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Introduction to Incomplete Records

Book-keeping ...

Question

Book-keeping is an ________ of correctly recording of business transaction.

A

Art and science

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B

Art

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C

Science

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D

Art or Science

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Solution

The correct option is B Art and science
Book-keeping is that branch of knowledge which tells us how to keep a record of financial transaction. Book - keeping may be defined as the science and art of recording transactions in books so accurately and systematically that the true state of a business can be correctly ascertained.

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Q. "Book-keeping is the science and art of correctly recording in the books of accounts, all those business transactions that result in transfer of money or money's worth" is the definition given by ___________.

Q. Book - keeping is an art and science of recording transactions.

Q. A statement of book-keeping which records only one aspect of business transactions and ignores other aspects is known as ________________.

Q. A book containing a chronological record of business transaction & original record is called a _________.

State True or False.

The main objective of Book keeping is to keep permanent records of business transactions.

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