
Bookkeeping:
Bookkeeping is the process of recording financial transactions and other information related to a business on a daily basis. The primary characteristic of bookkeeping is to maintain accurate and updated accounts for each and every transaction that occur in a business. Accuracy is hence, the most important aspect of the bookkeeping process.
Bookkeeping is primarily done to provide information during the preparation of financial statements.
Accounting:
Accounting is the systematic process of identifying, recording, and communicating financial information. Accounting is useful in obtaining important information about a business, such as profit or loss of a business during a particular period, and the financial worth of its assets, liabilities, and owners’ equity.
Accounting provides information related to the resources of a firm, the means used to finance the resources, and the outcomes of the use of the resources.
Whether bookkeeping and accounting are the same.

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Chapter 1 Solutions
Financial Accounting
- Nonearrow_forwardDynamic Production Services started the year with total assets of $130,000 and total liabilities of $50,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $100,000 and $60,000, respectively. During the year, there were no new capital contributions, and the owner withdrew $45,000. Calculate Dynamic's net income for the year. a. $40,000. b. $100,000. c. $60,000. d. $130,000.arrow_forwardFinancial accounting questionarrow_forward
- The following data is available for a company: Fixed costs $180,000 | | Selling price $75.00 | | Variable costs $32.50 | | Direct labor rate | $15.00 per hour [ What is the contribution margin?arrow_forwardI want to this question answer for General accounting question not need ai solutionarrow_forwardPlease provide the answer to this financial accounting question using the right approach.arrow_forward
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