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Bookkeeping Versus Accounting:

Learning Objectives:

  1. What is the difference between bookkeeping and accounting?

There is some confusion over the difference between bookkeeping and accounting. This is due to the fact that two are related and there is no universal accepted line of demarcation between them.

In general bookkeeping is the recording of business data in the prescribed manner, this is the first phase. Much of the work of bookkeeper is of the clerical in nature. The sphere of accounting starts where the sphere of bookkeeping ends. accounting is primarily concerned with the design of the system of records, the preparation of reports and the interpretation of reports. Accountants often direct and review the work of bookkeepers.

You may also be interested in other articles from "bookkeeping chapter" chapter:

  1. Definition and Explanation of Bookkeeping
  2. Important Bookkeeping Terms
  3. Double Entry System of Bookkeeping
  4. Single Entry Vs Double Entry System of Bookkeeping
  5. Definition and Explanation of Accounting
  6. Branches of Accounting
  7. Functions of Accounting
  8. Parties Interested in Accounting Information
  9. Systems of Accounting - Cash System of Accounting and Accrual System of Accounting
  10. Bookkeeping Vs. Accounting/Difference Between Bookkeeping and Accounting
  11. Accounting Cycle

 

Downloadable Materials

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Solved Accounting Problems
Bookkeeping and Financial Statements

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Managerial Accounting

 
Introduction to Managerial Accounting
Business and Quality Improvement Programs
Cost Terms, Concepts and Classification
Job Order Costing system
Process Costing System
Process Costing System - Addition of Materials & Beginning Inventory
Controlling and Costing Materials
Materials and Inventory Cost Control
By Products and Joint Products Costing
Cost-Volume-Profit-Relationship
Variable Costing System
Activity Based Costing System
Budgeting and Planning
Standard Costing and Variance Analysis
Gross Profit Analysis
Linear Programming Technique
Segment Reporting and Transfer Pricing
Capital Budgeting Decisions
Service Department Costing
Cash Flow statement
Financial statement Analysis
Pricing Products and Services
Managerial Accounting Terms and Definitions
Managerial / Cost Accounting Formulas

Financial Accounting

 
Bookkeeping and Bookkeeping Terms
Accounting Principles and Accounting Equation
Journal
Ledger
Accounting For Bills of Exchange
Subdivision of Journal
Final Accounts
Capital and Revenue Items
Single Entry System/Accounting From Incomplete Records
Accounting For Non-Trading Concerns
Accounting for Consignment / Consignment Accounts
Accounting for Joint Ventures
Accounting for Depreciation

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