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S.No
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Book-keeping
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Accounting
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1
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It
is the recording phase of an accounting system
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It
is the summarizing phase of an accounting system
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2
|
It
s the basis of accounting
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It
s the basis for business language
|
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3
|
Persons
responsible for bookkeeping are called book-keeper
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Persons
responsible for accounting are called accountants
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4
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It
does not require any special skill or knowledge
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It
requires special skill and knowledge
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5
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Personal
judgments of the bookkeeper is not required
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Personal
judgments of the accountant is essential
|
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6
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Financial
statements are not prepared from bookkeeping records
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Financial
statements are prepared from accounting records.
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7
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It
does not give the complete picture of the financial condition of the business
unit
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It
gives the complete e picture of the financial
condition of the business unit
|
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8
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It
does not provide any information for taking managerial decisions
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It
provides information for taking managerial decisions
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|
9
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It
has no branch
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It
has several branches, e.g. financial accounting, cost accounting and
management accounting
|
S.No Journal Ledger 1 Journal is the book of first entry ( original entry) Ledger is the book of second entry 2 Journal is the book for chronological record Ledger is the book for analytical record 3 The unit of classification of data within Journal is the transaction The unit of classification of data within Ledger is the account 4 The process of recording in Journal is called Journalizing or Journalization. The process of recording in Ledger is called posting 5 Journal as a book of source entry ordinarily has greater weight as legal evidence than the Ledger. Q. What is meant by Posting The process of recording information from journal to ledger is called posting.
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