Meaning & Definition of word "Bookkeeping"
Bookkeeping
/ˈbʊkˌkiː.pɪŋ/
noun:
- 1. The recording of financial transactions and the maintenance of financial records.
- Example: She enrolled in a course to improve her bookkeeping skills.
- 2. The organized system used to track financial activities and balances.
- Example: Effective bookkeeping is essential for any business to understand its financial health.
- 3. The practice of keeping accurate records of all transactions in a business.
- Example: His bookkeeping was meticulous, ensuring nothing went unaccounted for.
Etymology
●The word comes from 'book' + 'keeping', referring to the act of keeping records in books.
Common Phrases and Expressions
double-entry bookkeeping:
A system where every transaction affects at least two accounts.
bookkeeping software:
Programs used to assist with the bookkeeping process.
clean books:
Having accurate and organized financial records.
Related Words
accounts:
Records of financial transactions for an individual or business.
ledger:
A book or other collection of financial accounts.
Slang Meanings of bookkeeping
Meaning: Keeping tabs on finances.
● Example Sentence: I need to do some bookkeeping before I can go out.
Meaning: Money management.
● Example Sentence: Her bookkeeping game is strong; she knows exactly how much she can spend.