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Book Keeping vs Accounting
Transcript of Book Keeping vs Accounting
Bookkeeping and accounting are the same to a certain extent. Both bookkeeping and accounting are relevant tools in communicating the financial activity, condition and performance of a business entity. However, bookkeeping is less detailed. It is a process of recording, in chronological order, the daily transactions of a business entity. It forms part of the accounting information system. On the other hand, accounting is an information system which is very detailed. A company’s balance sheet “aka” the statement of financial position reports the assets, liabilities, and the shareholders equity at a specific date. The understanding of the
accounting equation Income statement: A company’s income “aka” profit and loss (P&L) statement explains both the earnings and profitability of a business operation within a specific period of time. Identifying Recording Introduction Stephanie Identifying
Internal and External Users *Accounting is what they would say is the art of recording, summarizing, reporting, and analyzing financial transaction. Accounting can be an record of all the activities of a business, providing details of every aspect of the business, allowing the analysis of business trends,
and providing insight into
future propects. Book keeping
vs Accounting When using bookkeeping it tends to focus on the details, recording transactions in an efficient and organized manner, and you may or may not see the overall picture. Communicating Nuyi (Points) : Accounting In terms of role in provision
of financial service, financial
accounting serves external users
make decisions by providing
financial statements, and financial
accounting is directly involved with
internal users because they need it
to manage and operate and
organization. Accounting Equation: Assests = Liabilities + Owner’s Equity can impact business decision making. It helps people decide what to do or not to do with an
organization because this understanding
helps them see how security and Stability
this organization Retained Earring Statement “aka” surplus reports the changes in retained earning for a specific period of time. Cash Flow Statement the funds flow statement Reports the company’s cash receipts (inflow and payments (out flow), for a specific time period. Cash Flow Statement Statement of Retained Earrings Bianca Summary continue The accounting equation "Assets=liability+owners equity"
gives accountants away of using
checks and balances to determine the economic growth of a company. It also assist in ensuring that accounts payables and accounts receivables have been properly reconciled. This equation also ensures that every transaction is designated twice on the balance sheet also assist in determining which one is decreasing and which one is increasing.