The correct answer is: Book keeping happens after the Accounting process.
Bookkeeping is the process of recording and summarizing financial transactions. It is the first step in the accounting process, which also includes analyzing and reporting financial information. Bookkeeping is essential for businesses of all sizes, as it provides a record of financial activity that can be used to make informed decisions about the future of the business.
Bookkeeping is typically done by a bookkeeper, who is responsible for recording all financial transactions in a ledger. The ledger is a system of accounts that tracks the financial activity of a business. Each account has a specific purpose, such as recording sales, expenses, or assets.
Bookkeepers use a variety of tools to record financial transactions, including journals, ledgers, and accounting software. Journals are used to record individual transactions, while ledgers are used to summarize transactions by account. Accounting software can automate many of the tasks involved in bookkeeping, such as recording transactions and generating reports.
Bookkeeping is an essential part of any business, as it provides a record of financial activity that can be used to make informed decisions about the future of the business. Bookkeeping is typically done by a bookkeeper, who is responsible for recording all financial transactions in a ledger. The ledger is a system of accounts that tracks the financial activity of a business. Each account has a specific purpose, such as recording sales, expenses, or assets.
Bookkeepers use a variety of tools to record financial transactions, including journals, ledgers, and accounting software. Journals are used to record individual transactions, while ledgers are used to summarize transactions by account. Accounting software can automate many of the tasks involved in bookkeeping, such as recording transactions and generating reports.
The statement “Book keeping happens after the Accounting process” is incorrect because bookkeeping is the first step in the accounting process.