THE

purpose oF

ACCOUNTING
DIFFERENCES o F Book: KEEPING and ACCOUNTING
BOOK -KEEPING ACCOUNTI
Focus is on the "recording' • Focus is on the
of transactions. financial data.
Classifies and records financial Assistswith key financial
transactions accurately. planning decisions
Archives and stores documents Provides overview of loook- keeping
for easy retrieval process
o Pre paves and provides on going Ad lists data for tar and reporting
reports. Purposes
o Technology savvy • Prepare tax reparts and represents
Cost efficient Con to tax authorities
a High Cost

ACCOUNTING
The purpose of aCcounting provide important financial information
that heips interested parties monitor progress

the process of aCCoUN9

Collecting Recording

Communicating Classifying

bATA

Interpretating Summarising

Financial data: refers to ony aspect of a business that

Can loe measuved in terms of money.

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