![]() The main aim of accounting is to get to know and communicate about the growth or decline rate of the business for a particular period.īookkeeping is the first step of the accounting process so it is not dependent on accounting.Īccounting is the second step of the accounting process so it is not dependent on bookkeeping.įor bookkeeping no higher and special knowledge is required about the core of the accounting process.įor accounting as compare to bookkeeping an accountant must have higher and special knowledge about the core of the accounting process.īookkeeping has no branch, but it can be divided into two methods, a single entry system, and a double-entry system. The main object of the bookkeeping is to recording all business financial transactions in a systematic manner and keeping all documentation related to these transactions. II – Solutionīookkeeping means identifying, measuring, recording and classifying all business financial transactions in the books of accounts.Īccounting means to summarise, analyzing, interpreting and communicating the result of all business financial transactions to the owner or related parties in the form of financial statements. Unimax Publications Book’s Solution – PSEB.Management doesn’t take any financial decisions by analyzing the records of bookkeeping. Whereas, accounting is the process wherein the company’s financial data is summarized, and a report is prepared. 2 identified transactions in terms of money measure. ![]() 1 Business transactions financial nature transaction identify. Usha Publication Book’s Solution – PSEB Bookkeeping is related to the recording, measuring, and identifying the financial data of a company. Book keeping maintain 4 activities include :.
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