Question

What is bookkeeping and accounting?

Answer 1

Accounting is the process by where a company's financials are recorded, summarized, analyzed, consulted and reported on.

Bookkeeping is the recording part of this process, in which all of the financial transactions of the business (consisting of income and expenses) are entered into a database.

Answer 2

Answer:

Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organisations. It involves preparing source documents for all transactions, operations, and other events of a business.