Question

Hello everyone(◍•ᴗ•◍)❤



What is the difference between book keeping and accounting?

give atleast 5 points..….


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Answer 1

Bookkeeping is all about recording and organising financial data while accountants take that data to prepare reports and get them ready for HMRC.

Answer 2

Answer:

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Key Differences Between Bookkeeping and Accounting

1.The points given below are substantial, so far as the difference between bookkeeping and accounting is concerned:

2.Bookkeeping is keeping proper records of the financial transactions of an entity. Accounting is recording, measuring, grouping, summarizing, evaluating and reporting of transactions of the entity which are in monetary terms.

3.The task of Bookkeeping is performed by a bookkeeper whereas the accountant performs the task of Accounting.

Financial Statement forms a part of the accounting process but not the bookkeeping process.

4.Accounting records are taken as a base for taking managerial decision unlike bookkeeping records, in which decision making is difficult.

5.Bookkeeping is the first step to Accounting.

6.Bookkeeping does not disclose the correct financial

position however for purpose accounting helps the users in showing the true and fair view of the financial status and profitability of an organization.

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