Business Accounting and Bookkeeping
What is bookkeeping?
Bookkeeping is the recording of financial transactions. Transactions include sales, purchases, income, receipts and payments by an individual or business. A bookkeeper typically performs bookkeeping. Many individuals mistakenly consider bookkeeping and accounting to be the same thing. This confusion is understandable because the accounting process includes the bookkeeping function, but is just one part of the accounting process
What is accounting?
Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. This takes place in the form of financial statements that show in money terms the economic resources under the control of management.