Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business.
Accounting is the process of recording financial transactions pertaining to a business.
Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using accounting standards, the transactions are recorded, summarized, and presented in a financial report or financial statement such as profit and loss account and a balance sheet.
Audit is the examination or inspection of various books of accounts by an auditor followed by physical checking of inventory to make sure that all departments are following documented system of recording transactions. It is done to ascertain the accuracy of financial statements provided by the organisation.
1st April to 31st March of next year is the financial year in India.
Yes. Every company has to maintain it's books of accounts. It has to presereve it's financial for 8 years.
It depends on the number of transactions of the business.
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