All categories

3 years ago

Mention any three differences between bookkeeping and accounting

Business

1 answer:

nalin [4]3 years ago

7 0

Answer and Explanation:

The three differences between the bookkeeping and accounting is as follows:

1. The preparation of the financial statements would not be part of this but it should be the part of the accounting

2. The bookkeeping does not required any kind of skill set but in the accounting it require skill set to perform the calculations

3. Bookkeeping does not do any kind of analysis but the accounting perform the analyses, it use the bookkeeping information so that it would help to interpret the data.

You might be interested in

Which is true of price-setters? A. Their pricing approach emphasizes target costing. B. Their pricing approach emphasizes cost

olchik [2.2K]

Answer:

Option "B" is the correct answer to the following question.

Explanation:

Price-setters is a community or individual, who set a fair price for a particular commodity or product, these types of Individual or community has a higher quality of goods or product that gave him the ability to set his prices.

Other firms are called price taker who depend on the market price

Price-setters firms use a pricing approach.

5 0

4 years ago

Sue Gastineau borrowed $17,000 from Regions Bank at a rate of 5.5% to open her lingerie shop. The date of the loan was March 5.

dezoksy [38]

Sue will pay back $507.20 in interest expense.

Explanation:

The formula for calculating simple interest is:

SI = P x r x t ÷ 100

P = Principal
r = Rate of Interest
t = Term of the loan/deposit in years

In the given problem,

Sue Gastineau borrowed $17,000 from Regions Bank so, P = $17000
Sue Gastineau borrowed $17,000 from Regions Bank at a rate of 5.5%, so r = 5.5 %
Number of days of the loan = March 5 to September 19
Sue borrowed $17,000 from Regions Bank for the period of = 198 days, So t = 198 / 365

Simple Interest = (17000 * (5.5/100) * (198/365))

Simple Interest = (17000 * (0.055) * (0.5424657534246575‬))

Simple Interest = $507.20

5 0

3 years ago

Why are adjustments made to the accounting records at the end of the period?.

Montano1993 [528]

Answer:

Adjustment are made at the end of every accounting period to report revenues and expenses in the proper period and assets and liabilities at appropriate amounts.

6 0

3 years ago

If a society decides to produce consumer goods from its available resources, it is answering the economic question

riadik2000 [5.3K]

What is the question?

4 0

3 years ago

Kendrik was frustrated that his DVD player wouldn't play a DVD he purchased while on vacation in Great Britain. When he called t

Nadusha1986 [10]

Answer:

Kendrik was frustrated that his DVD player wouldn't play a DVD he purchased while on vacation in Great Britain. When he called the manufacturer to complain, he was told that European DVDs are formatted differently and won't play on all machines. This is evidence of how __location______ can place a constraint on global markets.

Explanation:

Production location can place some constraints on global markets, especially when different standards are applied. To avoid this problem, there is the need to formulate international standards for the production of goods and services. Without some internationally-accepted standards, local production may not satisfy the global market.

6 0

3 years ago

Mention any three differences between bookkeeping and accounting​

Mention any three differences between bookkeeping and accounting