It makes no difference whether the bookkeeping process is handled by a person recording entries by hand (popularly envisioned wearing a green eyeshade and arm garters and making entries with a quill pen) or a 21st-century bookkeeper working at a computer... 

The primary objectives of the accounting function in an organization are to process financial information and to prepare financial statements at the end of the accounting period. Companies must systematically process financial information and must have... 

Basically, an income statement prepared using the accrual basis of accounting reports revenues earned and expenses incurred during a period, based on the revenue recognition and matching principles. In other words, revenues do not necessarily equal the...