write any four differnce batween bookkeeping and accounting
Answers
Book keeping means to keep any book properly in a wel mannerer and in a systematic way!
Accounting means to store any account Or calculations!
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Explanation:
Bookkeeping Accounting
Definition
Bookkeeping deals with identifying and recording financial transactions only Accounting refers to the process of summarizing, interpreting and communicating the financial data of an organisation.
Basis of Accounting
It is the basis of accounting It is the language of business
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 analyzes 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 analyzing accounting concepts