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Bookkeeping means to identify, measuring, recording and classifying all business financial transactions in the books of accounts.|Accounting 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. | Bookkeeping means to identify, measuring, recording and classifying all business financial transactions in the books of accounts.|Accounting 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. | ||
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.|The main aim of the accounting is to get know and communicate about the growth or decline rate of the business for a particular period. | 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.|The main aim of the accounting is to get know and communicate about the growth or decline rate of the business for a particular period. | ||
Latest revision as of 12:57, 10 April 2020
| Bookkeeping | Accounting |
|---|---|
| Bookkeeping means to identify, measuring, recording and classifying all business financial transactions in the books of accounts. | Accounting 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. |
| 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. | The main aim of the accounting is to get know and communicate about the growth or decline rate of the business for a particular period. |
| For bookkeeping no higher and special knowledge is required about the core of the accounting process. | For accounting as compare to bookkeeping an accountant must have higher and special knowledge about the core of the accounting process. |
| Bookkeeping is the first step of the accounting process so it is not dependent on accounting. | Accounting is the second step of the accounting process so it is not dependent on bookkeeping. |
| The financial statement is not part of bookkeeping. | The financial statement is part of the accounting process. |
| Bookkeeping has the following tools to perform duty: Journal, Subsidiaries books, Ledger | Accounting has the following tools to perform duty: Trial balance, Financial Statement |
| Bookkeeping has no branch, but it can be divided into two methods, single entry system and a double-entry system. | Accounting has the following branches: Financial Accounting, Cost Accounting, Management Accounting, Human Resource Accounting, Social Responsibility Accounting |