Social Sciences and the Law

What is the essential purpose of bookkeeping?

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The essential purpose of bookkeeping is to reveal the amounts and sources of the losses and profits for any given period. Proper bookkeeping should also reveal the nature and value of the assets and liabilities of a firm, as well as its net worth at the close of that period.

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Get more facts and information about bookkeeping . Or, view the full encyclopedia entry from The Columbia Encyclopedia, Sixth Edition.

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