Bookkeeping fraud (also referred to as accounting fraud) refers to types of fraud committed by officers, accountants, and other employees that manipulate company finances and records to achieve some kind of personal gain.

The three basic accounting principles are the accrual principle, the consistency principle, and the matching principle. These principles serve as the foundation for recording and reporting financial transactions accurately.

There are different types of bookkeeping methods available, and choosing the right one for your business can be a challenging task. In this article, we will discuss the three primary bookkeeping methods: single- entry bookkeeping, double-entry bookkeeping, and computerized bookkeeping.

The process of bookkeeping involves four basic steps: 1) analyzing financial transactions and assigning them to specific accounts; 2) writing original journal entries that credit and debit the appropriate accounts; 3) posting entries to ledger accounts; and 4) adjusting entries at the end of each accounting period.