Bookkeeping - Meaning, Definition & English Examples
Bookkeeping is the systematic recording of financial transactions for a business. It ensures accurate tracking of income, expenses, and overall financial health. Essential for accounting and decision-making.
Definition:
The systematic recording of financial transactions in a business or organization.
Synonyms:
accounting, record-keeping, auditing
Part of Speech:
noun
Antonyms:
disorganization, negligence
Common Collocations:
double-entry bookkeeping, accurate bookkeeping, financial bookkeeping, small business bookkeeping
Derivatives:
bookkeeper, bookkept (rare)
Usage Tips:
Ensure consistency in recording transactions to maintain accurate financial records.
Common Phrases:
cook the books, by the book, balance the books
Etymology:
Derived from "book" (record) + "keeping" (maintaining), dating to the 15th century for financial record-keeping.
Examples:
- 1. She handles all the bookkeeping for her small business.
- 2. Accurate bookkeeping is essential for tax purposes.
- 3. He learned double-entry bookkeeping in his accounting class.
- 4. The company hired a professional for their bookkeeping needs.