Accounting Bookkeeping

Accounting Bookkeeping concept might be misleading since usually these two concepts are considered together, however each of them has different purpose and different tasks to be performed.

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Bookkeeping covers simple daily tasks aimed to record business transactions. These are sales, purchases, payments, receipt of payments and other daily routine.

Accounting covers preparation of financial reports based on the accounting data, which includes business transactions recorded during bookkeeping process. These financial reports are then presented to their users for decision making. So accounting is more sophisticated process.

Considering accounting bookkeeping, we have to distinct functions of employees involved in these areas.

Accounting Bookkeeping

Bookkeeping deals with daily records using daily books, such as sales, purchases daily books, cash book, sales, purchases returns and credits daily books and others. Also ledgers should not be forgotten.

Accounting deals with analysis of the accounting data and preparation of all four main financial statements, i.e. Balance Sheet, Income Statement, Cash Flows Statement and Statement of Owners' Equity.

These are main aspects considering accounting bookkeeping concepts.

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