BOOKKEEPIN
- ONLY Identify and record financial transactions
- data provided by book-keeping insufficient for DECISION MAKING
- financial statement is not prepared
- No analysis is required
- book-keeper does bookkeeping
- does not show financial position of a business
- NO high level learning required
ACCOUNTING
- Process of Recording, Analyzing, Summarizing, Interpreting and Communicating the financial data of an organization
- DATA provided by accounting is sufficient for decision making
- Financial statement is part of accounting process
- Analysis
- accountant
- shows financial position and performance of a business
- high level study for being an acountant