1. DEFINITION BOOK KEEPING is the process of recording data relating to accounting transactions in the books of account. It can also be defined systematic recording of day to day business transactions.

2. FINANCIAL ACCOUNTING- This is the process of recording, classifying, selecting, measurement, interpreting and communicating financial data of an organization to enable users make assessments and decision.

3.  Managers  Business Owners / Proprietors  Tax inspectors  The bank

4.  Investors  Employee  Trade creditors

5.  IMPORTANCE OF BOOK KEEPING AND FINACIAL ACCOUNTING  It ascertains the worth (assets) and the indebtedness of an organization (liabilities )  It helps in planning  It provides permanent records for all financial transactions

6.  It helps tax department to assess tax payers  It helps in decision making  The records provide a means by which the financial of a business are controlled

7.  List five Accounting Professional Bodies  List five users of Accounting information and the use in which they can put the accounting information

8.  Submit the answer (s) to tutorial questions on the day of resumption in hard copy