Accountancy, asked by kunichanpradeep639, 8 months ago

Difference between bookkeeping, accountancy, accounting?

Answers

Answered by rajeshdasari100
0

Answer:

maintaining manual business transactions in the company books.

accounting is a systematic process and principles followed to record transactions.

accountancy is a subject of accounting.

Answered by rajkumarprasad7599
3

Answer:

Hey mate here is your answer

Explanation:

"Definition"

Bookkeeping

Bookkeeping is mainly related to identifying, measuring, and recording, financial transactions

Accounting

Accounting is the process of summarizing, interpreting, and communicating financial transactions which were classified in the ledger account

"Decision Making"

Bookkeeping

Management can't take a decision based on the data provided by bookkeeping

Accounting

Depending on the data provided by the accountants, the management can take critical business decisions

"Objective"

Bookkeeping

The objective of bookkeeping is to keep the records of all financial transactions proper and systematic

Accounting

The objective of accounting is to gauge the financial situation and further communicate the information to the relevant authorities

"Preparation of Financial Statements"

Bookkeeping

Financial statements are not prepared as a part of this process

Accounting

Financial statements are prepared during the accounting process

"Skills Required"

Bookkeeping

Bookkeeping doesn't require any special skill sets

Accounting

Accounting requires special skills due to its analytical and complex nature

"Analysis"

Bookkeeping

The process of bookkeeping does not require any analysis

Accounting

Accounting uses bookkeeping information to analyze and interpret the data and then compiles it into reports

"Types"

Bookkeeping

Basically there are two types of bookkeeping - Single entry and double entry bookkeeping

Accounting

The accounting department does preparations of a company's budgets and plans loan proposals

"Bookkeepers and Accountants"

Bookkeeping

Bookkeepers are required to be accurate in their work and knowledgeable about financial topics. Bookkeepers work is usually overseen by an accountant

Accounting

Accountants with sufficient experience and education can obtain the title of Certified Public Accountant (CPA)

Hope its helpful for you

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