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.

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Chapter 1, Problem 1QS

To determine

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.

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