What-are-the-components-of-bookkeeping-in-accounting?

The three major elements of accounting are: Assets, Liabilities, and Capital. These terms are used widely in accounting so it is necessary that we take a close look at each element.

In accounting, an account is a descriptive storage unit used to collect and store information of similar nature.

Bookkeeping is the work of a bookkeeper (or book-keeper), who records the day-to-day financial transactions of a business. Bookkeeping refers mainly to the record-keeping aspects of financial accounting, and involves preparing source documents for all transactions, operations, and other events of a business.

The process of bookkeeping involves four basic steps: 1) analyzing financial transactions and assigning them to specific accounts; 2) writing original journal entries that credit and debit the appropriate accounts; 3) posting entries to ledger accounts; and 4) adjusting entries at the end of each accounting period.

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