Definition of book keeping and examples of book kept for accounts

Agricultural Science JSS 3 Second Term

WEEK 5

Definition of bookkeeping and examples of book kept for accounts

Performance Objectives

    1. State the meaning of bookkeeping.

    2. Give examples of books of account.

Content

Meaning of bookkeeping in agriculture

Book-keeping is the systematic recording of financial transactions on a daily basis in the appropriate books, for easy determination of profits and losses in agricultural business. Simply, book-keeping refers to the keeping of account of financial activity of an enterprise.

Importance of bookkeeping in agriculture

Every business organization keeps daily records of their financial transactions. Therefore, the importance of bookkeeping becomes necessary for the following reasons:

1. It is for easy reference of business financial records.

2. Bookkeeping enables…