• Order now
    •  

      Toll-Free Numbers

      Call me back Live Support
Free «Book Keeping and Accounting» Essay Sample

Book keeping and accounting are sometimes treated in the same format. However, accounting is superior o book keeping in a number of forms.

Buy Book Keeping and Accounting essay paper online

Title of your paper
Type of assignment
Pages
-
+
Academic level
Timeframes
Spacing

* Final order price might be slightly different depending on the current exchange rate of chosen payment system.

Currency
  • Total price
  •  
 
Continue to order
 

Book keeping involves taking the actual raw records. It is the recording of the basic financial transactions.

Book keeping is different to accounting in a number of ways as discussed in the following statements.  Book keeping records the basic transactions that take place in a business (Jeacle, 2012). For instance, if a business makes a sale of say $ 1000 the figure goes into the books as just sales $ 1000.

Want an expert to write a paper for you
Talk to an operator now
 

However, accounting goes a bit deeper in that it can be able to explain the circumstances leading to the sale of $ 1000. For instance, the accounting concept will have to analyze and state the actual proceedings resulting into this sale. Say, sold 20 packets of Steel rolls for $50 each to get sales of $ 1000. Accounting would also go further and try to explain what this effect has on the stock, balance sheet as well as other accounting statements and records.

 
 
Special offer for new customers!
Get 15% OFF
your first order

Accounting equation concept

Accounting equation tries to balance out the assets with the liabilities. In essence, this equation tries to provide the basic accounting mechanism to professional accountants by allowing them to be able to understand how a particular product affects this balance. The accounting professionals need to fully understand and analyze the accounting items and basics into different sides of the accounting equation, noted as assets and liabilities.

Conclusion

The two concepts discussed above, book keeping and accounting must coexist. Accounting utilizes the information that is derived from the records available from book keeping in its analysis. As such, it is hard to have a distinctive separation between the two terms.

   

What our Clients say

Read all testimonials
Close
 
 
Get 15%OFF   your first custom essay order Order now Prices from $12.99 /page
X
Click here to chat with us