Bookkeeping and accounting are one and the same because the bookkeeping function includes the accounting process.

Question

Quizplus · Accepted Answer

While bookkeeping and accounting are closely related, they are not the same. Bookkeeping involves keeping accurate records of financial transactions, while accounting involves analyzing and interpreting those records to make financial decisions. Bookkeeping is a subset of accounting and provides essential data for the accounting process.

Bookkeeping and Accounting Are One and the Same Because the Bookkeeping