Bookkeeping
Bookkeeping is an accounting term. Systematic keeping of the record of business transaction
Bookkeeper
The person who keeps the books, is someone who keeps a record of the expenses and income for a business
Important terms Asset === A valuable item that is owned by an individual Personal asset -A personal asset is something of value which belongs to some Ex. House, car, appliances bank deposit.
Business asset - A piece of property or equipment purchased exclusively or primarily for
business use ex. Building of the business, equipment or inventory Liabilities – “utang” Something for which one is liable; an obligation, responsibility, or debt.
Proprietorship – known as owners’ equity
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One who has legal title to something; an owner. Ex. capital
4 section of balance sheet
1. Heading Name- at the center page and on first line, the name of an individual of the business written b. Title- the name of the form “balance sheet” is written in the second line c. Date- this is written in the 3rd line 2. Left hand side- or also known as debit column All assets are written in this side 3. Right hand side – credit column All liabilities and proprietorship or owners’ equity are written in this side 4. Total – total sum value before summing up a single line is drawn The total sum is written underline twice indicating the total a.