📝 One-liners · 65 cards
AFM Book Keeping and Accounting
What is the primary objective of book-keeping in banking?
The primary objective of book-keeping is to maintain a systematic, chronological record of all financial transactions so that the financial position and profitability of the bank can be ascertained at any point in time.
What is the golden rule for personal accounts in double-entry bookkeeping?
Debit the receiver, credit the giver.
What distinguishes book-keeping from accounting?
Book-keeping is the mechanical process of recording transactions in books of accounts, while accounting involves summarising, interpreting, and communicating financial information derived from those records.
What is the golden rule for real accounts in accounting?
Debit what comes in, credit what goes out.
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