Similarities & Differences Between / Among Bookkeeping, Accounting And Auditing With Relationship
Bookkeeping VS Accounting VS Auditing Here we will study the comparison between Bookkeeping , Accounting and Auditing. 1. Bookkeeping is concerned with recording of Business Transactions in the Book or Journal of Business. Accounting is the art of recording, classifying, summarizing and interpretation of the results while Auditing helps us to verify and check Books of Accounts and in order to ensue reliability and accuracy of Accounting Information. 2. Bookkeeping is the first and basic step which is related to recording phase of Business Transactions while accounting starts after Bookkeeping ends i.e., transferring accounting Data to Financial Statements to summarize this data and finally interprets these results to Users of Financial Statements . Auditing starts where Accounting ends. At the end of Accounting Period, The Qualified Auditor examines all the Accounting Data whether it is in Journal, Ledger or Financial Statements of the Business in...