Question

Where bookkeeping ends accountancy begins where accounting ends auditing begins explain this statemwnt?

Answer 1

Bookkeeping is concerned with the systematic recording of transactions in the books of original entry and their posting into the ledger.

Accountancy is concerned with classification and summarization of accounts with bookkeeping as a base.

With the above two, auditing is done as it is an act of fact-finding technique. Unlike the other two, the auditor must be a qualified chartered accountant.