Difference Between Accounting and Bookkeeping

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D E F I N I T I O N O F A C C O U N T I N G
A C C O U N T I N G I S T H E P R O C E S S O
F R E C O R D I N G , O R G A N I S I N G , A N
D C O M P R E H E N D I N G A C O M P A N Y ' S F
I N A N C I A L D A T A . ACCOUNTING VS
BOOKKEEPING
Accounting is the process of bringing the
financial records to good use through analysis,
policy, and tax preparation
Bookkeeping is the process of recording and
categorising financial transactions.
Bookkeeping is a part of accounting. MAJOR STEPS
OF ACCOUNTING
2. Create a ledger entry for each transaction
1. Analyze and keep track of purchases
3. Prepare an unadjusted trial balance
4. At the end of the cycle, prepare adjusting
entries
5. Make a corrected trial balance.
6. Financial statements should be prepared.
WHAT DOES AN ACCOUNTANT DO? A good accountant
will save you time by explaining the company's
financial situation.

• WHAT ARE THE TWO TYPES OF ACCOUNTS
• Real Accountant
• Nominal Accountant

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