The diff between book keeping and accounting Flashcards
1
Q
What is book keeping
A
book keeping involves keeping records of all financial transactions of a business and the process
2
Q
What is Accounting
A
Accounting includes book keeping but also involves other activities. It’s the process of recording all financial transactions, producing financial statements (accounting period summarizing the business performance, including income statements), and analyzing financial performance of a business
3
Q
A