Accounting

Difference between Accounting and Bookkeeping

The terms bookkeeping and accounting are considered as synonyms. However, there are lots of differences between these two terms. Bookkeeping is concerned only with the recording of financial transactions, while accounting is concerned with recording, classifying, summarizing, and communicating results thereof to the users of financial statements. Transactions recorded during bookkeeping are base for carrying …

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Bookkeeping: Meaning, Objectives & Types of Bookkeeping systems

Meaning of Bookkeeping Bookkeeping is an activity concerned with recording & classification of financial transactions related to business operations regularly in a systematic manner. It covers procedural aspects of accounting works and embraces record-keeping function. The main focus of bookkeeping is to record all the business-related transactions accurately in primary books of accounts (i.e. Journal …

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Meaning of Accounting and its 4 Objectives

What is the meaning of Accounting? Accounting is a process of recording, classifying, summarizing, analyzing, Interpreting business transactions or events of a financial character, and communicating the results thereof to the Users of Financial Statements. Now, let’s analyze the above-mentioned meaning of accounting in detail: On reading above meaning the first thing you will notice …

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