BUSINESS MANAGEMENT Lecture Notes - Lecture 3: Financial Statement
20 Feb 2022
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Document Summary
Accounting and bookkeeping are two critical functions for any business organization. Simply put, bookkeeping is in charge of recording financial transactions, whereas accounting is in charge of interpreting, categorizing, analyzing, reporting, and summarizing financial data. To an untrained eye, bookkeeping and accounting may appear to be the same profession. This is due to the fact that both bookkeeping and bookkeeping work with financial data, necessitate basic accounting knowledge, and classify and generate reports based on financial transactions. At the same time, these two processes are fundamentally different and each has its own set of advantages. Read on to learn about the key distinctions between bookkeeping and accounting. Both bookkeeping and accounting are critical business functions, but they differ significantly. Accounting is in charge of keeping track of financial transactions. Accounting is in charge of interpreting, categorizing, analyzing, reporting, and summarizing financial information.
