Book-Keeping & Accounting Flashcards
1
Q
What is book-keeping?
A
The systematic recording of daily transactions of a business
2
Q
What is Accounting?
A
A process used to analyze,prepare,classify and summarize financial records of a business.
3
Q
What is the difference between Book- Keeping and Accounting?
A
Book-keeping involves record-keeping while accounting uses the information complied in the book-keeping process
4
Q
What is the purpose of book-keeping & accounting?
A
The purpose is to ascertain a profit,provide financial info about the business,maintain financial control and the value of assets & liabilities
