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  • 02 Descriptive Accounting and Financial Management

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    Bookkeeping deals only with recording financial transactions, while accounting refers to summarizing, interpreting, and communicating a company's financial data to aid management decision making. Accounting, unlike bookkeeping, involves preparing financial statements to show the company's financial position, analyzing the data, and requiring a higher level of learning.

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    02 DESCRIPTIVE ACCOUNTING AND FINANCIAL MANAGEMENT

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    Bookkeeping deals only with recording financial transactions, while accounting refers to summarizing, interpreting, and communicating a company's financial data to aid management decision making. Accounting, unlike bookkeeping, involves preparing financial statements to show the company's financial position, analyzing the data, and requiring a higher level of learning.

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    4 views1 page

    02 Descriptive Accounting and Financial Management

    Uploaded by

    roygungun
    Bookkeeping deals only with recording financial transactions, while accounting refers to summarizing, interpreting, and communicating a company's financial data to aid management decision making. Accounting, unlike bookkeeping, involves preparing financial statements to show the company's financial position, analyzing the data, and requiring a higher level of learning.

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    ACCOUNTING AND FINANCIAL MANAGEMENT

    DESCRIPTIVE QUESTIONS

    MODULE 1

    ** What are the differences/distinctions between book keeping and


    accounting ?

    Following are the major differences between book keeping and accounting.
     Bookkeeping deals with identifying and recording financial transactions only whereas

    Accounting refers to the process of summarising, interpreting and communicating the

    financial data of an organisation.

     Data provided by bookkeeping is not sufficient for decision making but Management

    can take important decisions based on the data obtained from accounting

     Preparation of Financial Statement is not done in book keeping but this is a vital part of

    accounting.

     In book keeping no analysis of data is required whereas it is a vital part of accounting.

     Book keeping does not show the financial position of a business whereas accounting

    does that.

     No high level learning is required in book keeping but it is almost essential in

    accounting.

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