Question

difference between bookkeeping and accounting?

Answer 1

The accounting process involves recording, interpreting, classifying, analyzing, reporting and summarizing financial data. Bookkeeping is the process of recording financial transactions. Recording financial transactions is the first part of and the foundation of the accounting process.

Answer 2

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HERE IS THE ANSWER TO YOUR QUESTION.....


Book Keeping:-
1. It is concerned with identifying financial transactions, measuring them in terms of money, recording them and classifying them.

2.It is a primary stage and it is the basis of accounting.

3. The main purpose is to maintain systematic records of financial transaction.

4.This job is routine in nature and it does not require special skills so performed by junior staff .



Accounting:-
1. It is concerned with summarising the transactions, interpreting them and communicating result.

2. It is a secondary stage, it begins where book keeping ends.

3. Its purpose is to know about the net result of business and financial position and communicate it to the various users.

4. This job is analytical and dynamic in nature and requires special skills. So performed by senior staff.



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