CBSE Class 11-commerce Answered
what is mean by recording
Asked by karthikreddybodha | 14 Jun, 2019, 07:51: PM
Expert Answer
- An Account is a record of all business transactions related to a particular person or item.
- It provides all the details of all the business transactions.
- While arranging all the details of such transactions, it is necessary to follow proper format and the rules of debit and credit.
- Such a practice of arranging and placing all the details of all the business transactions is together termed as Recording of Transactions. It acts as an evident and documentary proof of all the business transactions carried out by the entity.
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- It records the amount of transactions along with their effect and direction.
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