BOOKS OF ACCOUNT, a complete system of accounting records used by a person, business or organization for the purpose of providing a permanent entry of financial transactions. The financial status of an individual or an organization can be accu rately determined only through the operation of an adequate set of books of account. A small business may require only a journal (q.v.) and a ledger (q.v.) whereas a larger business might need several types of journals (general, private, purchase, sales, cash, etc.) and several types of ledgers (general, private, accounts re ceivable, accounts payable, stock, etc.). Except in those organi zations which come within the jurisdiction of government bureaux or commissions, business concerns are permitted complete free dom in selecting their books of account (see ACCOUNTING; BOOK-KEEPING).