Question

3.Where ________ ends then ________ begins.
A. Finance and Accounting
B. Book keeping and Accounting
C. Accounting and Book keeping
D. Book keeping and Finance

Answer 1

Answer:

D.book keeping and finance

Explanation:

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Answer 2

The correct response in the given blank is option B: Bookkeeping and Accounting.

• Bookkeeping refers to keeping the records of daily transactions, for the recording purpose of daily business.
• Accounting refers to the creation of final accounts- Balance Sheet, Profit, and Loss Statement, and general ledger in order to account for the annual surplus or deficit, to figure the net income/ loss, capital, liabilities, and to ensure formalized conduct of business.
• Bookkeeping is considered as the traditional method of maintaining accounts, formulating records and the records are then used for maintaining accounting financial statements.
• Thus, being useful for the firm, creditors, investors, Government, general public to know the financial position of a company.
• Therefore accounting begins where bookkeeping ends.