Instructional Notes Instructional Notes Accounting can be defined as the process of recording, classifying, reporting and interpreting the financial data of an organization. This learning objective will be applicable throughout Module 1 and throughout most modules.
Bookkeeping is the recording, posting, and proving of the financial data.
Accounting is the establishing and maintaining of the entire accounting system, the interpreting of the results of the recorded data, and the assisting in the management or decision- making aspects of the organization. Thus, bookkeeping must be completed before accounting can take place. The students should be reminded of which activities are bookkeeping and which activities are accounting. At the end of the preparation of the trial balance, a major portion of bookkeeping has been completed. Students may be asked these questions and others.