Posted by: slang in REVISION NOTES
- Know the difference between Accounting & Bookkeeping:
- Accounting-the process of recording, reporting and interpreting financial information relating to an organization that are relevant, reliable and comparable to help interested parties to make use of to make decision and
- Bookkeeping is the accurate and systematic recording of transactions and events, either manually or electronically. It is a subset to accounting which includes the use of information recorded through the bookkeeping operation for the production of financial reports.
- Transaction refers to any economic event or activity that affects the financial condition of an organization.
- Cash transaction refers to any transaction for which immediate payment is made.
- Credit transaction refers to any transaction for which payment is postponed to a future date.
This entry was posted on Monday, October 15th, 2007 at 5:52 pm and is filed under REVISION NOTES.
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