True or False
State whether the following statement is true or false with reasons:
Book-keeping and accounting are one and the same thing.
This statement is False.
Bookkeeping and accounting are not one and the same thing. Book-keeping is the art of recording business transactions in a set of books whereas accounting refers to analysis and interpretation of book-keeping records. Book-keeping itself is a part and parcel of accounting.
Is there an error in this question or solution?