Question

Difference between book keeping and accounting?​

Answer 1

Answer:

Here's the ans hope it's helpful for you☺

Step-by-step explanation:

Bookkeeping :-

1. Bookkeeping deals with identifying and recording financial transactions only
2. Data provided by bookkeeping is not sufficient for decision making
3. Not done in the case of bookkeeping
4. No analysis is required in the bookkeeping
5. The person concerned with bookkeeping is known as a bookkeeper

Accounting :-

1. Accounting refers to the process of summarising, interpreting and communicating the financial data of an organisation.
2. Management can take important decisions based on the data obtained from accounting
3. Financial statements are a part of the accounting process
4. Accounting analyses the data and creates insights for the business
5. The person concerned with accounting is known as an accountant

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Answer 2

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