Top best answers to the question «The terms bookkeeping and accounting are not synonymous»
Although book-keeping and accounting both involve the process of recording the financial transactions of a business, but both are two different terms. Book-keeping is the process of recording the daily transactions of a business entity in chronological order… Hence, book-keeping is not synonymous to accounting.
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The terms bookkeeper and accountant are often used interchangeably, but in fact, they are not one and the same. The educational requirements , daily schedule, and specific skills of these two roles can overlap but are not synonymous.
Although Book-keeping and Accounting is inter-related but Book-keeping is a just a part of Accounting while Accounting has a wider role. The word Book-keeping or Book-Keeper is rarely used now-a-days. One more difference between them is a Book-keeper cannot be a Accountant but a Accountant can be both at the same time.
1444. Advertisement. Many students and professionals generally have the concept that Bookkeeping and Accounting are synonymous. However they are not same and there is massive difference between Bookkeeping and Accounting. So get set as we will be learning the difference between Bookkeeping and Accounting in points in this article.
The main difference between bookkeeping and accounting is; bookkeeping is the primary stage of the whole accounting process and accounting is the second or final stage of the whole accounting process. Many people possess erroneous concepts regarding Book-keeping and Accounting. They are neither synonymous nor two different subjects.
The terms “bookkeeping” and “accounting” are not synonymous. True False 3. A company's management information system is a subsystem of its accounting information system.
The terms “bookkeeping” and “accounting” are not synonymous. TRUE 3. A company's management information system is a subsystem of its accounting information system.
Bookkeeping and accountancy are two words that have become synonymous with each other – indeed a quick Google search would identify bookkeeping as &ldq
In financial parlance, the terms bookkeeping and accounting are almost used interchangeably. However, these concepts are different. While bookkeeping is all about recording of financial transactions, accounting deals with the interpretation, analysis, classification, reporting and summarization of the financial data of a business.
Both bookkeeping and accounting need basic accounting and economics knowledge. The confusion arises between both terms because although they are different, they are used for similar purposes. They deal with the financial transactions of the company. Bookkeeping and accounting are usually used as synonyms, but both of them have different functions.
Accounting in government agencies is no longer necessary since they are not subject to public scrutiny. FALSE The terms bookkeeping and accounting are synonymous.