Question

Multiple Choice Questions (MCQs) )
Select the correct alternative:
Book Keeping and Accounting
(a) means same and are used interchangeably.
(b) does not mean same and are not used interchangeably
(c) means both (a) and (b).
(d) None of the above.​

Answer 1

Answer:

i think (d)

not sure about the answer

Explanation:

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Answer 2

Book Keeping and Accounting

(a) means same and are used interchangeably.

(b) does not mean same and are not used interchangeably

(c) means both (a) and (b).

(d) None of the above.

The correct answer is :

(b) does not mean same and are not used interchangeably

Explanation :

Bookkeeping refers to the method used in the systematic recording and classification of financial transactions of an organization. Bookkeeping is said to be the basis of any accounting. Whereas accounting is part of a wider scope of a business. The main focus of the bookkeeping method is to maintain accurate records of all monetary transactions of a business. It allows companies to exercise large investment decisions, while the basic purpose of accounting is to provide a clear view of the organization's financial statements. Accounting is the systematic process of recording and measuring information about financial transactions. It is useful for the business in taking all the short and long-term decisions.

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Know something more :

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______ covers accounts of whole business relating to all commercial transactions.

a. financial accounting b. cost accounting

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When a machinery is purchased for cash, the cash balance is reduced and to that extent, the amount of machinery as an asset is recorded. This is done to follow which of the following accounting principles:

1) Dual Aspect Principle

2) Materiality Principle

3) Timeliness Principle

4) Consistency Principle