Distinction between Book-keeping and Accountancy

Jun 18th, 2015
Studypool Tutor
Price: $10 USD

Tutor description

Accountancy is the profession and the practitioners of accountancy are called accountants. Book keeping is the basic activity of recording. On recording the transactions and events in the books of accounts, accounting does the role of analysis and reporting. Accountancy is the profession of carrying the activities of book keeping and accounting

Word Count: 3291
Showing Page: 1/23
Master of Business AdministrationSemester IMB0041 Financial and Management AccountingAssignmentSet- 1Q1. Distinction between book keeping and accountancy.Ans.Distinction between Book-keeping and Accountancy:Accountancy is the profession and the practitioners of accountancy are called accountants. Bookkeeping is the basic activity of recording. On recording the transactions and events in the booksof accounts, accounting does the role of analysis and reporting. Accountancy is the profession ofcarrying the activities of book keeping and accounting. Accounting enjoys wider scope andincludes not only book keeping but also analysis, interpretation and reporting of financialinformation. The later part of accounting is the core function of accounting. In the present dayenvironment, sophisticated software packages are available, which facilitate entry of transactionsand preparation of ledger accounts.Book keepingAccountancyIt is a process of identifying, measuring,recording and analyzing the transactionsin books of accounts.It involves summarizing the classifiedtransaction, interpreting the analyzed resultsand communicating the information to theusers of financial statement.Adopt principles of accountingfor recordingAnalyzing and interpreting requires skill,knowledge and experienceBook keeping is the first stage ofaccounting processAccountancy follows book keeping. It is thesecondary stageThe objective

Review from student

Studypool Student
" Awesome! Exactly what I wanted. "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1826 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors