Explanation:

Book-keeping is an art and science of recording business transactions in the appropriate books of accounts in accordance with the principles of accountancy for the purpose of ascertaining the profits or losses and the financial position of the business. Every businessman wants to know the profits of his business for a certain period. In order to ascertain the profits and loss of the business, he has to remember all the transactions of his business for a defined period of time. The system which is derived to record all the business transactions is known as book-keeping.

According to R.N.Carter, "Book-keeping is the science and art of correctly recording in the books of accounts of all those business transactions that result in the transfer of money or money's worth".