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Difference between book keeping and accounting?
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Difference between book keeping and accounting?
Bookkeeping
1. Bookkeeping is mainly related to the process of identifying, measuring, recording and classifying financial transactions.
2. It is the beginning stage and acts as a base for accounting.
3. Management can not make decisions based on bookkeeping.
4. The objective of bookkeeping is to keep proper and systematic records of financial transactions.
5. Financial statements are not prepared during bookkeeping.
6. Bookkeeping doesn’t require any special skills as it is mechanical in nature.
Accounting
1. Accounting is the process of summarizing, interpreting and communicating financial transactions which were classified in the ledger account as a part of bookkeeping.
2. Accounting begins where bookkeeping ends.
3. Management can make decisions based on accounting.
4. The objective of accounting is to ascertain the financial position and further communicate the information to the relevant parties.
5. Financial statements are prepared on the basis of records obtained through bookkeeping.
6. Accounting, on the other side, requires special skills due to its analytical and somewhat complex nature.
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Difference between book keeping and accounting?
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Difference between book keeping and accounting? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Difference between book keeping and accounting? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Difference between book keeping and accounting?.
Difference between book keeping and accounting? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Difference between book keeping and accounting? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Difference between book keeping and accounting?.
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