BOOKKEEPING

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Definitions

a system of recording the transactions of a business. Specifically it means the recording, in monetary terms of the basic flows of a business. It records the business's sales and its purchases and it records the receipt of money in respect of sales and the disbursement of money in respect of purchases. And it would record any other flows such as the inflow of money by way of loans (or investments) received and the outflow of money by way of loans (or investments) made. (BPL 14 Nov 70 II)