Differentiate between Book keeping and accounting on thebasis of level of work.
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While bookkeeping is all about recording of financial transactions, accounting deals with the interpretation, analysis, classification, reporting and summarization of the financial data of a business
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Bookkeeping is the process of systematic recording and classification of financial transactions of an organisation. Bookkeeping is said to be the basis of accounting, whereas accounting forms a part of the broader scope in finance. ... Bookkeeping process consists of the following steps: Identifying a financial transaction.
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