Write ant two difference between book keeping and accounting.
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Bookkeeping Accounting
Definition
Bookkeeping deals with identifying and recording financial transactions only Accounting refers to the process of summarising, interpreting and communicating the financial data of an organisation.
Decision making
Data provided by bookkeeping is not sufficient for decision making Management can take important decisions based on the data obtained from accounting
Preparation of Financial Statement
Not done in the case of bookkeeping Financial statements are a part of the accounting process
Analysis
No analysis is required in the bookkeeping Accounting analyses the data and creates insights for the business
Persons Involved
The person concerned with bookkeeping is known as a bookkeeper The person concerned with accounting is known as an accountant
Determining Financial Position
Bookkeeping does not show the financial position of a business Accounting helps in showing a clear picture of the financial position of a business
Level of Learning
No high-level learning required High-level learning required for understanding and analysing accounting concepts
Definition
Bookkeeping deals with identifying and recording financial transactions only Accounting refers to the process of summarising, interpreting and communicating the financial data of an organisation.
Decision making
Data provided by bookkeeping is not sufficient for decision making Management can take important decisions based on the data obtained from accounting
Preparation of Financial Statement
Not done in the case of bookkeeping Financial statements are a part of the accounting process
Analysis
No analysis is required in the bookkeeping Accounting analyses the data and creates insights for the business
Persons Involved
The person concerned with bookkeeping is known as a bookkeeper The person concerned with accounting is known as an accountant
Determining Financial Position
Bookkeeping does not show the financial position of a business Accounting helps in showing a clear picture of the financial position of a business
Level of Learning
No high-level learning required High-level learning required for understanding and analysing accounting concepts
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