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Differentiate between book keeping and accounting?
Bookkeeping and Accounting is the process of keeping the financial records of a business or company. Bookkeeping is the first step in maintaining and identifying financial records while accountant make use of those records for business use. Bookkeeping is the mercantile method of keeping accounts,which may be single entry, whereas accounting means maintaining accounts under double entry system of accounts.
Differentiate bookkeeping with accounting?
A bookkeeper keeps track of all daily transactions in a business and may do payroll. An accountant has a bachelors degree which a bookkeeper doesn't need. An accountant can usually perform end of year duties that a bookkeeper doesn't perform.
What is accounting module?
An accounting module refers to a set of standardized parts of accounting that are used in teaching the accounting students. The accounting modules are usually broken down into a number of subjects to enable the learners to easily understand certain accounting concepts.
What is the 4 fields of accounting?
In accounting there are four main areas. They are as follows corporate accounting, corporate finance, public accounting and investment banking.
Differentiate between general and specific reserve?
differentiate between general and specific reserve?
Differentiate cost accounting system from financial accounting system?
Q.5 Differentiate Financial Accounting and Management accounting
Internal and External Reporting Requirements?
differentiate between financial Accounting and management accounting
Differentiate public accounting from managerial accounting?
In public accounting you take a different board exam (CPA board exam in Philippines). In Managerial accounting (which is i am into) you don't get to study auditing, which CPA's does.
Differentiate the Financial Accounting from Cost Accounting and Management Accounting?
to know the financial position(i.e. profit or loss) and cost accounting to know the cost price of product of business and management accounting is to take the decision based on financial and cost accounting to prepare bugdget, analysis etc
How we can differentiate traditional costing from backflush costing?
in backflush accounting the inveniery is not hold.work in process is not involved
Differentiate between cost accounting and financial accounting?
Cost accounting is usually involved with management accounting. Financial accounting tends to deal with the past and presents information like statements for public and private use. Management.the question am asking have not been answered .because financial accounting and cost accounting is not the same nor even having the same answer .
Differentiate between accounting and accounting convention?
Accounting means the systematic recording,reporting and analysis of financial transactions of a business.While accounting convention means legally-binding practice; rather, it is a generally-accepted convention based on customs, and is designed to help accountants overcome practical problems that arise out of the preparation of financial statements.
The differentiate between the economics and accounting?
There is a huge difference between the 2. Accounting is the process of managing money while making analytical decisions about money. Economics is the study of incentives i.e. how and why things are produced and to whom it is produced
Is it true that primary users of accounting information are accountants?
It depends whether or not you differentiate between 'users' and 'preparers' of accounting information.Normally accountants are the preparers of accounting information. The users are people that use the information (for investment decisions, evaluating management effort). The main group of users of accounting information for listed companies are investors.Stating that accountants are the primary users of accounting information is similar to stating that bakers eat most of their bread.
Differentiate between bookkeeping and accounting?
The differences between bookkeeping and accounting are not many, as both fields are fairly similar. Bookkeeping focuses on general business activities such as payables, receivables, billing, and sometimes payroll. Whereas accounting, depending on the focus, usually is focused on the financial side; general ledger entries, account reconciliations, and financial reporting.
Differentiate accounting and bookkeeping?
Accounting is a broader term of book-keeping. Book-keeping helps in the day to day operations and for preparing financial statements of an enterprise. Accounting relates to the internal control of the business, detecting errors in recording entries and gives financial reports of the values and performance of the business to the management and to other people like the shareholders.
Differentiate bespoke software from generic software?
Generic software is developed to meet the needs of a broad general market such as an accounting package that covers all the general aspects of accounting and can be sold in the mass market. A bespoke development will be a one-off that meets the particular needs specified by the individual client.
