H.S 1st year Accountancy Notes Unit-1: Introduction to Accounting & Bookkeeping Q1. What is Book-Keeping? Ans : Bookkeeping is the process of recording and organizing financial transactions, such as purchases, sales, receipts, and payments, systematically to maintain a clear record of a company's financial activities. The purpose of bookkeeping is to provide accurate and up-to-date information that can be used to make informed business decisions. Q2. What are the features of Book-keeping? A) Record Keeping : Bookkeeping involves recording all financial transactions, such as sales, purchases, receipts, and payments, in a systematic manner to maintain an accurate record of the company's financial activities. B) Data Organization : The recorded data is then organized into financial statements, such as balance sheets and income statements, that provide a clear picture of the company's financial position. C) Decision Making : Bookkeeping provides reliable and up-to-date fi...