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Objective of Accounting These following are the main objectives of accounting. To keep systematic record of all business transaction It keeps the systematic and scientific records of all business transaction regularly. Transactions are recorded as per uniform rules and principle. To determine profit or loss Determination of profit or loss of a business during a […]

Book keeping and accountancy practically mean the same. However, they are different due to the following reasons. Book-keeping Bookkeeping is an art of recording financial transactions in original books and positing them into the ledger accounts. Under this, all business transactions may be recorded by the book-keeper. Lower level of staff can perform such job. […]

Book-keeping is the branch of knowledge, which tells us how to keep financial transactions. Each business deals a number of financial transactions daily, which can be expressed in monetary value. In order to find out the profit or loss of the business, it is essential to keep a complete systematic record of these business transaction’s. […]

Accounting is the management of the transactions and records which can also be done through the book-keeping method. Accounting is a very wider term and the book-keeping is the part of accounting matter. Accounting does classify and analyze the financial transactions. Characteristics of Accounting Relates Only to the Financial Transactions Accounting relates only to the […]