Books of Account

Books of Account in United Kingdom

Definition of Books of Account

In accordance with the work A Dictionary of Law, this is a description of Books of Account : (books of account, accounting records)

Records that disclose and explain a company’s financial position at any time and enable its directors to prepare its *accounts. The books (which registered companies are required to keep by the Companies Act) should reveal, on a day-to-day basis, sums received and expended together with details of the transaction, assets and liabilities, and (where appropriate) goods sold and purchased. Public companies must preserve their books for six years, private companies for three years. Company officers and *auditors (but not members) have a statutory right to inspect the books.

accounting records

(books of account, accounting records)

Records that disclose and explain a company’s financial position at any time and enable its directors to prepare its *accounts. The books (which registered companies are required to keep by the Companies Act) should reveal, on a day-to-day basis, sums received and expended together with details of the transaction, assets and liabilities, and (where appropriate) goods sold and purchased. Public companies must preserve their books for six years, private companies for three years. Company officers and *auditors (but not members) have a statutory right to inspect the books.


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