Double Entry Book Keeping

Question 1

Difference between Bookkeeping and Accounting

Answer 1

Bookkeeping is responsible for the recording of financial transactions.
Accounting is responsible for interpreting, classifying, analyzing, reporting and summarizing financial data.
The biggest difference between accounting and bookkeeping is that accounting involves interpreting and analyzing data and bookkeeping does not.

Question 2

Functions of Bookkeeper

Answer 2

Recording of transaction into Journals
Posting of transaction from books to ledgers
Balancing of accounts

Question 3

Functions of Accountant

Answer 3

Making of financial statements
Making of control accounts and BRS
interpreting , analysing and communication the date