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

At December 31, 2018, Hawke Company reports the following results for its calendar year.

MrRa [10]

Answer:

The adjusting entries are shown below:

Explanation:

The journal entries are shown below:

a. Bad debt expense $85,230

To Allowance for doubtful debts $85,230

(Being the bad debt expense is recorded)

The computation is shown below:

= $5,682,000 × 1.5%

= $85,230

a. Bad debt expense $75,870

To Allowance for doubtful debts $75,870

(Being the bad debt expense is recorded)

The computation is shown below:

= ($5,682,000 + $5,682,000) × 1%

= $75,870

7 0

3 years ago

Based on the concept of the "Impossible Trinity" or the inability to achieve simultaneously the goals of exchange rate stability

Juliette [100K]

Answer:

The answer is: the country should be able to achieve full financial integration and monetary independence

Explanation:

If the country decides to use a pure float exchange rate that means that the country will lose its ability to maintain an exchange rate stability.

The exchange rate will now be determined by the exchange market and the government shouldn't intervene with its value.

7 0

4 years ago

Monique calls a management meeting to discuss why sales have been falling at the company's store on Main Street. She begins by e

Alik [6]

I think it's B. Hope this helps.

3 0

4 years ago

Read 2 more answers

Kosher Pickle Company acquires all the outstanding stock of Midwest Produce for $15.0 million. The fair value of Midwest's asset

JulsSmile [24]

Given Information:

Fair value of consideration paid = $15 million

Fair value of Midwest's assets=$11.9 million

Fair value of Midwest's liabilities=$1.7 million

Required Information:

Amount paid for goodwill = ?

Answer:

Amount paid for goodwill = 4.8 million

Explanation:

The amount of goodwill can be calculated by

Amount of goodwill = Fair value of consideration paid - Fair value of net identifiable assets

The Fair value of net identifiable assets is found by

Fair value of net identifiable assets = Fair value of Midwest's assets - Fair value of Midwest's liabilities

Fair value of net identifiable assets = 11.9 - 1.7

Fair value of net identifiable assets = 10.2 million

Therefore, the amount paid for goodwill is

Amount paid for Goodwill = 15 - 10.2

Amount paid for Goodwill = 4.8 million

7 0

3 years ago

Troy, a human resource manager, is investigating why the turnover in his company’s accounting department has spiked in the last

shusha [124]

Answer:Assessment, training, and counseling

Explanation:

Assessments is a process by which a counselors collect data of information about their clients and the problems with which they present,by regularly assess your clients, throughout the counseling process.

Training means learning to do something or teaching others to do something.Training is developing oneself or others,by improving capability, capacity, productivity and performance.

counseling is guidance or advice provided to help someone resolve difficulties or decide issues,which is achieved through purposeful conversation.

8 0

3 years ago

Mention any three differences between bookkeeping and accounting​

Mention any three differences between bookkeeping and accounting