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Question
______ is the art and science of recording transactions while ______ is the art and science of recording, classifying and summarising transactions.
Options
Book keeping, accounting
Accounting, book keeping
Financial recording, accounting
Accounting, journalising
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Solution
Book keeping is the art and science of recording transactions while accounting is the art and science of recording, classifying and summarising transactions.
Explanation:
Book keeping is the art and science of recording transactions, while accounting is the art and science of recording, classifying, and summarizing transactions. Book keeping involves the initial steps in the accounting process, such as recording daily financial transactions, whereas accounting involves further steps like classifying, summarizing, analyzing, and reporting these transactions.
