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What is difference between accountancy and book- keeping?
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What is difference between accountancy and book- keeping?
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.
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.
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Most Upvoted Answer
What is difference between accountancy and book- keeping?
Book keeping means identifying measureing and recording . accounting means summariseing inter printing . book keeping has no branches but can be divided two types single entry system double entry system. accounting had following branches financia accounting, cost accounting mangement accounting. book keeping has following perform duty journal ledger. accounting following duty is tiral balance financial statement. financial statement is not part of the book keeping. accounting is part of the financial statement.
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What is difference between accountancy and book- keeping?
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What is difference between accountancy and book- keeping? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about What is difference between accountancy and book- keeping? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is difference between accountancy and book- keeping?.
What is difference between accountancy and book- keeping? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about What is difference between accountancy and book- keeping? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is difference between accountancy and book- keeping?.
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