What bookkeeping is and why a business needs it
Bookkeeping is writing down every transaction, in order. See what counts as a transaction and what the records tell an owner.
Task 1A record of every transaction2 questions
Bookkeeping is writing down every transaction a business makes, in a set order, so that nothing is missed.
A transaction is an exchange of money, goods or services: a sale, a purchase, a payment out or money coming in.
Something that moves no money and no goods is not a transaction yet. A price quoted, a question asked or a price list sent is not written in the books.
Willow Lane Flowers is a flower shop owned by Amira Shah. Lena Park keeps its books.
Task 2What the books tell the owner2 questions
You tick every answer that applies and match pairs.
Task 3Reading a week of records2 questions
You work out a figure.