Question

Book-keeping covers which of the following activities?

• A. Identifying, Recording and Classifying.
• B. Recording, Classifying. Summarising and Analysing.
• C. Summarising, Analysing and lnterpreting.
• D. Identifying, Measuring and Communication.

Answer 1

The correct option is A Identifying, Recording and Classifying.

'Book keeping' takes into consideration the recording of financial transactions whereas 'accounting' deals with summarizing, analyzing and interpreting the said information in a proper manner using various accounting standards, policies and principles.