1. What is accounting?
... recording of the business transactions in a set of books, which are called books of accounts and maintaining and updating these books, is called book keeping. The accounting process also involves analyzing and interpreting the information already recorded in the books of accounts so as to give a clear picture ... company's net income and retained earnings in the business and also summarizes the company's cash receipts and payments during the accounting period. Therefore book keeping does not need any expertise and can be done by any layman with minimum knowledge whereas accounting is mor...
- Word Count: 2771
- Approx Pages: 11
- Grade Level: Undergraduate