I’m an upcoming senior commerce student in India. Can someone explain the key differences between Accounting and Book Keeping? I have my boards next year and am quite confused about these two concepts.
Accounting provides us financial information that helps in decision making while book keeping only maintains records of transactions. Accounting principles and concepts are followed in accounting while book keeping follows recording requirements only.
Accounting provides quantitative as well as qualitative information that helps in analyzing the financial performance of business. Book keeping just provides quantitative information about the business transactions.
Accounting helps in preparing financial statements like income statement, balance sheet, cash flow statement etc. Book keeping can’t prepare such financial reports. So you can say accounting is more advanced and helps management while book keeping is just a routine job. Hope this helps!
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