. Give any three differences between Book Keeping and Accounting. Please give proper correct answer .
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Explanation:
1) Bookkeeping is mainly related to identifying, measuring, and recording, financial transactions.
Accounting is the process of summarizing, interpreting, and communicating financial transactions which were classified in the ledger account.
2) The objective of bookkeeping is to keep the records of all financial transactions proper and systematic.
The objective of accounting is to gauge the financial situation and further communicate the information to the relevant authorities.
3) Financial statements are not prepared as a part of this process.
Financial statements are prepared during the accounting process.
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