Financial

Accounting

Lecture # 2
Difference
between
Bookkeeping &
Accounting
Urdu & Hindi

By: Ghalib Hussain

Difference between Bookkeeping and Accounting.
Bookkeeping
The objective of bookkeeping is to keep a
systematic record of transactions and events of
financial character in order of its occurrence.
Output of bookkeeping is an input for accounting.
The Purpose of bookkeeping is to summarize the
cumulative effect of all economic transactions of
business for a given period by maintaining
permanent record of each business transaction with
its evidence and financial effects on accounting
variable.
It is the foundation of accounting.
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Accounting
The objective of accounting is to find results of
operating activity of business and to report financial
strength of business.
Output of accounting permits informed judgements
and decisions by the users of accounting
information.
The Purpose of accounting is not only bookkeeping
but also analyzing and interpreting reported
financial information for informed decisions.
It is considered as a language of business.
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