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Differences between Accounting and Book-Keeping

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  • Differences between Accounting and Book-Keeping

    Book keeping usually involves only the recording of business transactions (transactions) and is therefore, just one part of the accounting process. Accounting on the other hand, involves the entire accounting process, i.e. identification, measurement, recording, and communication. Now-a-days, much of the book keeping function is performed by the computer and other machines.
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  • #2
    The difference of accounting and bookkeeping is that accounting is responsible for the interpretation, classification, analyzation, reporting and the summarization of a financial data. While the bookkeeping is responsible for financial transactions records. The big difference of the two is that accounting is involved in interpretation and analyzation of data and bookkeeping is not. Just to add up the two have similarities also like they are same profession because they are both involved in financial data.

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    Last edited by yazminbarajas; 11-24-2015, 08:41 PM.

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    • #3
      Originally posted by ramliv
      Bookkeeping is only one function of Accounting. Accounting on the other hand, includes not only bookkeeping but the analysis of transactions, the preparation and analysis of financial reports such as the Income Statement, Balance Sheet and Statement of Cash Flows.
      Completely agree!
      Last edited by Lindi; 01-11-2016, 08:01 AM.
      Best Regards,
      Lindi

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