Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 20 - No. 34)
What is the difference between book-keeping and accounting?
Book-keeping focuses on preparing financial statements and accounting focuses on recording transactions.
Book-keeping involves recording transactions, while accounting involves the preparation and analysis of financial statements.
They are the same thing; the terms are interchangeable.
Accounting is the process of recording transactions; book-keeping analyzes them.
Explanation
Book-keeping involves the recording of financial transactions, while accounting involves the analysis and interpretation of those transactions to create financial statements.
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