Describe the difference between accounting and book keeping

      

Introduction to financial accounting, Bachelor of commerce and business management

  

Answers


KevinNyabute
1.Book keeping is mainly related to identifying, measuring, and recording, financial transactions while accounting is the process of summarizing, interpreting, and communicating financial transactions which were classified in the ledger account
2.Management can't take a decision based on the data provided by book keeping while in accounting,
depending on the data provided by the accountants, the management can take critical business decisions.
3.The objective of bookkeeping is to keep the records of all financial transactions proper and systematic while the objective of accounting is to gauge the financial situation and further communicate the information to the relevant authorities.
4. Bookkeeping doesn't require any special skill sets while accounting requires special skills due to its analytical and complex nature.
5. The process of bookkeeping does not require any analysis while accounting uses bookkeeping information to analyze and interpret the data and then compiles it into reports.
kevinnyabute answered the question on March 5, 2018 at 06:57


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