Difference Between Bookkeeping And Accounting
Education O'/N' Level Principles of Accounts

Difference Between Bookkeeping And Accounting

What is the difference between bookkeeping and accounting? Accounting Bookkeeping Accounting is the process of recording, summarising, reporting, analysing and interpretation of financial information. Book-keeping is part of the accounting process. It involves the process of recording accounting data according to set rules.  Role of accounting is to communicate financial information for decision-making purposes.  Role…

Dump the Monetary Concept – Measure What Makes Life Worthwhile!
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Dump the Monetary Concept – Measure What Makes Life Worthwhile!

“Not everything that can be counted counts, and not everything that counts can be counted.” Albert Einstein, physicist (1879 – 1955) The principle of monetary concept states that anything which cannot be measured in monetaryterms will not be considered as a part of the accounting data. While accounting captures the numerical performance of a business,…