Book Keeping, Accounting and Accountancy

Book Keeping

Meaning of Book Keeping:"Book keeping is the art of recording business transactions in a systematic manner".

Accounting

Meaning of Accounting:"The art of recording, classifying and summarising in a significant and in terms of money, transaction and events which are in part at least of a financial character, and interpreting the results there of".

Features of Accounting:

1.Identifying.

2.Measuring.

3.Recording.

4.Classifying.

5.Summarizing.

6.Analysis and interpretation.

Accountancy:"Accountancy is the theory and practice of accountancy","Th e discipline which analyses the art and principle of recording all monetary transactions is called Accountancy.