what is book keeping and also it's difference with accounting plz do fast
Answers
Bookkeeping refers to the systematic recording of the financial transactions and the maintenance of up-to-date financial records of the organisation.
Accounting is the art of recording, classifying and summarising in a significant manner and in terms of money, transactions and events,which are, in part of at least, of financial character and interpreting te results thereof.
BOOKKEEPING:
1)Maintains records of business transactions.
2)Has limited scope.
3) Elementary knowledge of accounting rules is enough.
4) Vouchers and other supporting documents are prepared to record business transactions.
5) Primary stage.
ACCOUNTING:
1) Maintains records, depicts financial position of the business and communicates the results to users.
2)Has wider scope.
3) Advance and in depth knowledge and understanding is required.
4) Bookkeeping serves as the basis for accounting information.
5)Final stage.