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11. Company accounts
11.1 BOOKS OF ACCOUNTS
Company accounts refer to the financial records and statements that provide information about the financial performance and position of a company.
Books of accounts are the primary records where companies maintain their financial transactions and other relevant information. These books provide a detailed and organized account of the company’s financial activities and serve as a basis for preparing financial statements.
Key books of accounts commonly maintained by companies:
- General ledger
- Cash book
- Sales journal
- Purchase journal
- Accounts receivable ledger
- Accounts payable ledger
- Inventory records
- Fixed assets register