Maintenance of books of income and expenditure on regular basis and in a systematic order is Book-Keeping. It is a science and an art of recording in the books of accounts all those business transactions that are monetary in nature. It facilitates to have up to date knowledge of the income and the expenditure and also the exact financial position of the business. Book keeping is an essential part of accounting.
Accounting is a means of collecting, classifying, summarizing analyzing and reporting in monetary terms, information about the business. Accounting records only those transactions and events in terms of money which are of financial nature. There are basically three methods prevailing as the popular systems of bookkeeping.
