Introduction to Book Keeping and Accounting

Things to remember

• Organizations are established to achieve specific objectives. In order to achieve the stated objectives, an organization requires utilizing its human, financial and other resources in the best possible manner. For the proper utilization and control of such human, financial and other resources, the organization requires accurate and reliable financial information.
• Book- keeping is the art of recording business dealings in a set of books.
• Accounting is border than book-keeping. Book-keeping is a part of accounting. Book-keeping is concerned only with the systematic record of financial transactions, but accounting is concerned with the act of recording, classifying and summarizing the financial transactions of a business to know its profit or loss and financial position.