Define accounting . Distinguish between book keeping and accounting
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what is gross profit ratio
preeti09:
gross profit ratio = gross profit / net sales into 100
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Accounting- It is the process systematically recording,measuring and communicating information about financial transaction.
Book keeping-It is the activity og keeping record of financial affairs of business.
Difference - they both deal with the finances of a business,but book keeping is primarily concerned with accurately recording financial data and accounting involves interpreting and reporting on thar data.
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