by |
Bookkeeping |
Accounting |
| Book-keeping consists of recording financial transactions in a logical fashion | Accounting concerns itself with summarizing of such recorded financial transactions |
| It is the basis of the process of accounting | Accounting is the basis for the Business Language |
| Financial statements are not a part of the bookkeeping | Preparing financial statements is the ultimate aim of accounting |
| Managers do not take decisions on the basis of bookkeeping records | Accounting records are used to assist managers in making decisions |
| Bookkeeping does not have any branches | Accounting has branches such as Cost Accounting, Management Accounting, etc |
| It is done by bookkeepers, who do not require any special skill or knowledge | Accountants, on the other hand, require special accounting knowledge and skills |
