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H621 Bookkeeping And Accounting

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Running Head: BOOKKEEPING AND ACCOUNTING 1
Bookkeeping and Accounting
Institution Affiliation
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BOOKKEEPING AND ACCOUNTING 2
Bookkeeping and accounting are the most essential functions at any business operations.
The two professions are close to each other in similarity, though accounting is much broader than
bookkeeping. The accounting redesigns the entire bookkeeping system as well as establishes
controls to ensure the system is able to run effectively and efficiently. Bookkeeping on the other
requires the orders from the accounting meaning that it is a subset of the accounting.
Bookkeeping is in the frontline of the financial services in an organization while the accounting
becomes the major element and control of the bookkeeping and overall financial services.
Accounting uses bookkeeping to prepare and provide complex reports to show how the
organization is fairing in the finances.
Accounting therefore brings together the issues of payroll, simple financial reports as
well as transactions records that are all important for the accounting purpose (Farris, 2009). The
accounting uses bookkeeping in solving financial problems that might affect the business from
time to time. This gives the reason to why most of people relate bookkeeping to be the same with
accounting. The two might not have such much difference but one is superior to the other. They
must work hard in hard to fulfill the financial desires of the organizations.
2.
The accounting equation is the bases for recording the accounting transactions. It is also
an essential in helping firms to report the financial reports at the end of the fiscal period or at
specified time. It provides the framework for the balance sheet, a strong tool in the organization.
The accounting equation states that Assets = Liabilities + Owner’s Equity. Assets are
everything owned by the firm while liabilities refer to what the firm owes other entities. The
owner’s equity is the remaining net worth of the firm after satisfying all the liabilities.

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Running Head: BOOKKEEPING AND ACCOUNTING Bookkeeping and Accounting Institution Affiliation Date 1 2 BOOKKEEPING AND ACCOUNTING Bookkeeping and accounting are the most essential functions at any business operations. The two professions are close to each other in similarity, though accounting is much broader than bookkeeping. The accounting redesigns the entire bookkeeping system as well as establishes controls to ensure the system is able to run effectively and efficiently. Bookkeeping on the other requires the orders from the accounting meaning that it is a subset of the accounting. Bookkeeping is in the frontline of the financial services in an organization while the accounting becomes the major element and control of the bookkeeping and overall financial services. Accounting uses bookkeeping to prepare and provide complex reports to show how the organization is fairing in the finances. Accounting therefore brings together the issues of payroll, simple financial reports as well as transactions records that are all important for the accounting purpose (Farris, 2009). The accounting uses bookkeeping in solving financial problems that might affect the business from time to tim ...
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