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Define Accounting and Bookkeeping and compare and contrast the role of Professional Accountants and Bookkeepers.
Finance & Accounting
Pages 8 (2008 words)
Finance and Accounting Define Accounting and Bookkeeping and compare and contrast the role of Professional Accountants and Bookkeepers. Introduction One can track the birth of accountancy from the earlier days of human. The urge to maintain records came up when there was a need for maintaining the records of values of the agricultural products along with their quantities.
The book also described the use of journals and ledgers. Accountancy contained two parts bookkeeping and accounting. Both became useful to the merchants and the professional from time to time. It plays an important function in recording the financial transaction of an organization. It provides information to a whole range of users. The essay elaborates basics of accountancy and the use of accountancy in different areas of management by the accountants and the bookkeepers (Gazely and Lambert, 2006) Accounting and Bookkeeping Accountancy does the task of maintaining records and it also involves in preparation of financial reports for a particular business. It also involves in auditing those reports. It is concerned with the knowledge, practices and the principles of accounting for meeting the general needs of a running business. According to Kohler “Accountancy refers to the entire body of the theory and practices of accounting” (A. Goyal and M. Goyal, 2009). The term accountancy can be divided into two parts: Accounting and Bookkeeping. Accounting Accounting basically deals with the provision or measurement of assurance of the financial information that are used by a number of users such as the lenders, investors, managers and the decision makers of a particular organization (Fitzpatrick, 2010). ...
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