Accounting vs. Book-keepingBook-keeping concerns itself with the recording (correctly and in a set of books) of those transactions that result in the transfer of money or money’s worth. Accounting, however is extensive. Accounting involves classifying, summarizing and presenting accounting more help information.
Accounting vs. Accountancy
Accounting is a body of knowledge. This includes concepts and principles, postulates assumptions. Conventions. These concepts guide the science of recording and classifying financial transactions. Accounting is both practice and art of accounting. Each branch has been established. Financial AccountingThe objective of financial accounting is to calculate the results (profit/loss), of business operations for a specified period, and to report the financial condition (Balance sheet) at a date.
Cost accounting is used for calculating the cost of goods and/or services produced by a company. A business can use cost accounting to help manage its expenses by identifying potential losses or wastages. Management Accounting Financial Accounting is a system that records financial transactions following a set number of principles. The records must be categorized, analysed and presented in a way that allows for financial results and financial position to be determined.