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Distinguished between accounting and bookkeeping? |
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Answer» BOOK KEEPING- It is the process of recording transactions in the book of accounts include measuring, recording, classifying.ACCOUNTING- It is the systemetic process of identification, measuring, recording,classifying, summarising, analysing and communicating to users. thank you for helping me Accounting\xa0is the process by where a company\'s financials are recorded, summarized, analyzed, consulted and reported on.\xa0Bookkeeping\xa0is the recording part of this process, in which all of the financial transactions of the business (consisting of income and expenses) are entered into a database.\xa0An accountant is in charge of assessing and interpreting the financial data of a company, and for reporting on it. An accountant has a higher skill set than a bookkeeper, whose primary responsibility is handling the actual recording of the company’s financial transactions.\xa0A bookkeeper does not require any formal training, however a bookkeeper’s job is important. The information a bookkeeper is responsible for gathering and managing affects how an accountant will interpret the financial information of the company. Based on this information, the accountant provides recommendations to management or the company’s owners about spending, tax issues or other financial concerns. |
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