The terms book-keeping and accounting are often use synonymously.
It is recording phase.
It is the recording phase of
accounting system.
It is the basis of accounting
Persons responsible for bookkeeping
are called book-keepers.
It does not require any special
skills or knowledge.
Persona judgement of the book-keeper
is not required.
Financial statements are not
preparing form bookkeeping records.
It does not give the complete
picture of the financial condition of the business unit.
It does not help in complying legal
formalities.
It does not provide any information
for taking managerial decisions.
It
has no branch.
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