
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
- Don't use ai given answer accounting questionsarrow_forwardNeed help with this question solution general accountingarrow_forwardOn January 1, 2023, Pharoah Ltd. had 702,000 common shares outstanding. During 2023, it had the following transactions that affected the common share account: Feb. 1 Issued 160,000 shares Mar. 1 Issued a 10% stock dividend May 1 Acquired 181,000 common shares and retired them June 1 Issued a 3-for-1 stock split Oct. 1 Issued 78,000 shares ♡ The company's year end is December 31Determine the weighted average number of shares outstanding as at December 31, 2023. (Round answer to O decimal places, eg. 5,275.) Weighted average number of shares outstandingarrow_forward
- On January 1, 2023, Pharoah Ltd. had 702,000 common shares outstanding. During 2023, it had the following transactions that affected the common share account: Feb. 1 Issued 160,000 shares Mar. 1 Issued a 10% stock dividend May 1 Acquired 181,000 common shares and retired them June 1 Issued a 3-for-1 stock split Oct. 1 Issued 78,000 shares ♡ The company's year end is December 31 Assume that Pharoah earned net income of $3,441,340 during 2023. In addition, it had 90,000 of 10%, $100 par, non-convertible, non-cumulative preferred shares outstanding for the entire year. Because of liquidity limitations, however, the company did not declare and pay a preferred dividend in 2023. Calculate earnings per share for 2023, using the weighted average number of shares determined above. (Round answer to 2 decimal places, e.g. 15.25.) Earnings per sharearrow_forwardI want to correct answer general accounting questionarrow_forwardHi expert please give me answer general accounting questionarrow_forward
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