Explain the terms: Accounting, Accounts & Bookkeeping

November 20th, 2010 Comments off
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The following terms are commonly used in the Accountancy profession:Accounting:

  • which is the process of collecting, recording, summarizing and communicating financial information.

whereas

Accounts

  • are the records in which this information is recorded.

and

  • Bookkeeping is the keeping of the most basic records

{ click here to the Content Page on Introduction to Accounting }

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