THEORETICAL FRAMEWORK||MEANING AND SCOPE OF ACCOUNTING||DISTINCTION BETWEEN BOOK-KEEPING&ACCOUNTING
Channel: Education Direction
Date: 2022-02-13

#CAC #Accountancy #CA #Tax #Business #Auditing #Accounting 

Some people mistake book-keeping and accounting to be synonymous terms, but in fact they are different from each other. Accounting is a broad subject. It calls for a greater understanding of records obtained from book-keeping and an ability to analyse and interpret the information provided by book-keeping records. Book-keeping is the recording phase while accounting is concerned with the summarizing phase of an accounting system. Book- keeping provides necessary data for accounting and accounting starts where book-keeping ends.