Bookkeeping and accounting are one and the same because the bookkeeping function includes the accounting process.

Question

Quizplus · Accepted Answer

While they are closely related, bookkeeping and accounting are not the same thing. Bookkeeping involves recording financial transactions and maintaining financial records, while accounting involves interpreting, analyzing, and using that financial information to make financial decisions. However, accounting does rely on accurate and complete bookkeeping records.

Bookkeeping and Accounting Are One and the Same Because the Bookkeeping