Question

Distinguish between book-keeping,accouting and accoutancy.

Answer 1

The differences between book-keeping,accouting and accoutancy are

$\begin{array}{ccc}\text{Book-keeping}& \text{Accounting}& \text{Accountancy}\\ \text{Book-keeping is maintained by junior staff.}& \text{Accounting is maintained by senior staff.}& \text{Accountancy is maintained by the professionals.}\\ \text{It is the primary stage.}& \text{It is the secondary stage.}& \text{it is the complete process which includes both,}\\ & & \text{book-keeping and accounting.}\\ \text{It is concerned with recording of}& \text{It is based on book-keeping.}& \text{It is helpful in decision-making.}\\ \text{day-to-day transactions.}& & \\ \text{It is concerned with identification,}& \text{It is concerned with summarising,}& \text{It refers to the entire body of the theory and}\\ \text{recording and classification of financial}& \text{interpretation and communication of}& \text{practice of accounting.}\\ \text{transactions.}& \text{financial results.}& \end{array}$