Financial accounting is different from bookkeeping. Bookkeeping is a branch of financial accounting which pertains to the PROCEDURAL process of recording and maintaining the business TRANSACTIONS. The only function of bookkeeping is to keep the financial record of the business accurate and complete. On the other hand, financial accounting includes a broader role compared to bookkeeping. It is not MERELY procedural in nature but also conceptual. Financial accounting is also CONCERN with the why, REASON or justification of any action adopted. It is responsible not only in the complete and accurate recording of business transactions but also it ensures that the reported financial statement abides by the accounting standards, and all other reporting standards, such as the government.

Financial accounting is different from bookkeeping. Bookkeeping is a branch of financial accounting which pertains to the procedural process of recording and maintaining the business transactions. The only function of bookkeeping is to keep the financial record of the business accurate and complete. On the other hand, financial accounting includes a broader role compared to bookkeeping. It is not merely procedural in nature but also conceptual. Financial accounting is also concern with the why, reason or justification of any action adopted. It is responsible not only in the complete and accurate recording of business transactions but also it ensures that the reported financial statement abides by the accounting standards, and all other reporting standards, such as the government.