“If you don’t kick things around with people, you are out of it. Nobody, I always say, can be anybody without somebody being around”
(John Archibald Wheeler)
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The primary purpose of the accounting system is to provide information to anyone with an interest in the business.
Bookkeeping is the process of recording, storing and retrieving business activities. It requires knowledge of debits and credits and a basic understanding of financial accounting, which includes the balance sheet and income statement.
Common financial transactions and tasks that are involved in bookkeeping include:
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