Book keeping is the act of keeping permanent records of day-to-day financial transactions of a business in a set of books in chronological order. This note has information about book-keeping and its objectives.
Accounting is broader than book keeping. It is the systematic process of recording, classifying, summarizing, interpreting and communicating the financial information of a business for making financial decisions. This note has information about account and debiting and crediting rules.
Due to increase in the volume of financial transaction, the traditional type of accounting system became unable to fulfill the purpose of accounting. The new and modern accounting system gradually developed to maintain systematic record of financial transaction. This note has information about accounting system.
There are various terms used in accounting such as capital, cash, bank, cheque, debtors, creditors etc. This note has information about various terms of accounting.