Jun 21st, 2015
Studypool Tutor
Price: $10 USD

Tutor description

1. When an individual’s current money income exceeds his current consumption desires, he saves the excess. Rather than keep these savings in his possession, the individual may consider it worthwhile to forego immediate possession of the money for a larger future amount of consumption.

Word Count: 3291
Showing Page: 1/11
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
" Solid work, thanks. "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1821 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