Write any 4 differences between Book keeping and Accounting?

{Bookkeeping}

1) Bookkeeping deals with identifying and recording financial transactions only.

2) Data provided by bookkeeping is not sufficient for decision making.

3) Not done in the case of Bookkeeping.

4) The person concerned with bookkeeping is known as a bookkeeper.

{Accounting}

1) Accounting refers to the process of summarising, interpreting and communicating the financial data of an organisation.

2) Management can take important decisions based on the data obtained from accounting.

3) Financial statements are a part of the accounting process.

4) The person concerned with accounting is known as an accountant.

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