Distinguish, differentiate, compare and explain what is the difference between Bookkeeping and Accounting Tasks. Comparison and Differences.
Differences between Bookkeeping and Accounting Tasks
|Bookkeeping is a process by which financial transactions are identified, measured, recorded and classified.
|Accounting is a system of recording, classifying, summarizing and interpreting financial information. This information is recorded and classified through the book-keeping process.
|Bookkeeping is the first and primary stage of accounting. It is the base for accounting.
|Accounting is the secondary stage that begins where bookkeeping ends.
|Bookkeeping helps to keep a systematic record of financial transactions.
|Accounting has a objective to ascertain the financial position.
|Financial statements are prepared after bookkeeping process.
|Financial statements of any entity are prepared on the basis of financial records obtained through bookkeeping.
|It is routine and clerical in nature.
|It is analytical in nature.
|It doesnt require any special skills.
|Accounting, on the other hand, requires special skills due to its analytical and its complex nature.
|Prepares the books for the accountant.
Difference between Accounting Tasks vs Bookkeeping
Bookkeeping vs Accounting Tasks
Differences between Accounting Tasks vs Bookkeeping
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