Concept Introduction:
Recording:
An accounting record refers to recording of business transactions in a chronological order.
Bookkeeping:
The activity of keeping records of the financial affairs of the business.
Accounting:
Accounting refers to the process of gathering, validating and arranging of income and expenditure of a business entity according to a preset standard of rules and regulations to help analyze the financial status of the business entity.
To identify:
Recording, book keeping and other aspects of accounting.

Explanation of Solution
Accounting helps in reducing book-keeping and clerical expenditure and on the other hand it provides ease of access and accuracy of facts and information.
Accounting is a systematic procedure of creating, recording and maintaining accounting transactions in a chronological manner for future assessment and analytics.
Bookkeeping is the process of creating, recording and maintaining financial information and events in a chronological manner either in manual or electronic format, which best suits the concerned part.
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Chapter 1 Solutions
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