Question

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Differences between Book-keeping and Accounting???




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Answer 1

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While both deal with the finances of a business, bookkeeping is primarily concerned with accurately recording financial data, while accounting involves interpreting and reporting on that data.

1)Bookkeeping is mainly related to the process of identifying, measuring, recording and classifying financial transactions.Accounting is the process of summarizing, interpreting and communicating financial transactions which were classified in the ledger account as a part of book keeping.

2) It is the beginning stage and acts as a base for accounting. Accounting begins where bookkeeping ends.

3) Financial statements are not prepared during bookkeeping. Financial statements are prepared on the basis of records obtained through bookkeeping.

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Answer 2

Heya user!

On the basis of scope ⬇️⬇️

➡️Book keeping is concerned with identifying financial transactions ,measuring them in money terms ,recording them in the books of accounts and classifying them .

➡️ Accounting Is concerned with summarising the recorded transaction ,interpreting then and communicating the results.

On the basis o stage⬇️⬇️

➡️Book keeping is a primary stage it is the basis for accounting .

➡️ Accounting is a secondary stage it begins where bookkeeping ends.


On the basis of objective ⬇️⬇️

➡️The objective of bookkeeping is to maintain systematic records of financial transactions .

➡️The objective of accounting is to ascertain net result of operation and financial position and to communicate information to the interested parties .


On the basis of nature of job⬇️⬇️

➡️This job is routine in nature .

➡️This job is analytical and dynamic in nature.


On the basis of special skills ⬇️⬇️

➡️Books keeping is mechanical in nature and thus does not require special skill .

➡️ Accounting require special skill and ability to analyse and interpret .