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BOOK KEEPING : Bookkeeping is mainly related to identifying, measuring, and recording, financial transactions.
- Management can't take a decision based on the data provided by bookkeeping.
- The objective of bookkeeping is to keep the records of all financial transactions proper and systematic.
- Financial statements are not prepared as a part of this process. Bookkeeping doesn't require any special skill sets
TYPE OF BOOK KEEPING: Basically there are two types of bookkeeping - Single entry and double entry bookkeeping
ACCOUNTING is the process of summarizing, interpreting, and communicating financial transactions which were classified in the ledger account
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| ACCOUNTING IS NEED OF CALCULATE THE BUSINESS PROFIT & LOSSES |
- Depending on the data provided by the accountants, the management can take critical business decisions.
- Financial statements are prepared during the accounting process,
- The line between accounting and bookkeeping is slowly diminishing.
- It is interesting to note that with the advent of accounting and bookkeeping software, some parts of accounting are being slowly absorbed into the bookkeeping process.
- At the same time, bookkeeping software is now capable of generating financial statements which were earlier part of the accounting process
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ACCOUNTABILITY THROUGH ACCOUNTING: As an individual or business there is need for a level of accountability to ensure your life or business is governed above board. Accounting is part of the business systems every business must have to help manage the resources and processes finance ,gst bill ext.calculated through the accountancy and it my be possible
