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Distinguish between Book Keeping and Accounting. |
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Answer» Bookkeeping and Accounting The terms book-keeping and accounting are used interchangeably, but they differ from each other. Accounting is a wider concept and includes Book Keeping. Book-keeping involves the chronological recording of financial transactions of an organization in a set of books in a systemic manner. The main function of a book keeper is to maintain the books of original entry i.e., Journal, Ledger, etc. It involves:
Accounting is on the other hand is much wider term which includes recording, classifying and summarizing of financial transactions and also making interpretations of the results of the business and report to the users. It starts where book keeping ends. It involves:
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