Accounting and Bookkeeping

Accounting and Bookkeeping

Table of Contents

Toggle

Order ID# 45178248544XXTG457	Plagiarism Level: 0-0.5%	Writer Classification: PhD competent
Style: APA/MLA/Harvard/Chicago	Delivery: Minimum 3 Hours	Revision: Permitted
Sources: 4-6	Course Level: Masters/University College	Guarantee Status: 96-99%

Instructions

Accounting and Bookkeeping

Accounting and bookkeeping are both essential components of any successful business. While they are often used interchangeably, they are two distinct processes that serve different purposes.

 

Bookkeeping is the process of recording daily financial transactions such as sales, purchases, receipts, and payments. Bookkeepers use accounting software and other tools to record these transactions and maintain an accurate record of the company’s financial activity. They also reconcile bank statements, manage accounts payable and receivable, and prepare financial reports for management.

 

On the other hand, accounting is a broader field that involves analyzing financial data to make strategic decisions. It involves interpreting and summarizing the information that bookkeepers collect and using it to create financial statements, develop budgets, and plan for the future. Accountants use financial data to help businesses make informed decisions about their operations, investments, and growth strategies.

 

Bookkeeping is typically seen as a more clerical function, while accounting involves more analysis and decision-making. However, both are essential to the financial health of a business. Here are some key aspects of each process:

 

Bookkeeping:

 

Recording financial transactions: Bookkeepers record all financial transactions, including sales, purchases, receipts, and payments.

Managing accounts: Bookkeepers manage accounts payable and receivable, ensuring that bills are paid on time and that customers pay their invoices promptly.

Reconciling bank statements: Bookkeepers reconcile bank statements to ensure that all transactions are accurate and that the company’s bank balance matches its accounting records.

Generating financial reports: Bookkeepers generate financial reports such as balance sheets, income statements, and cash flow statements. These reports provide insights into the company’s financial health and can help identify areas for improvement.

Accounting:

 

Analyzing financial data: Accountants analyze financial data to identify trends and patterns that can help businesses make informed decisions.

Creating financial statements: Accountants use bookkeeping data to create financial statements such as balance sheets, income statements, and cash flow statements. These statements provide a snapshot of the company’s financial health.

Developing budgets: Accountants develop budgets that help businesses plan for the future and allocate resources effectively.

Advising on financial decisions: Accountants provide guidance on financial decisions such as investments, mergers and acquisitions, and expansion plans.

In summary, bookkeeping and accounting are both essential to the financial health of a business. Bookkeeping involves recording daily financial transactions, managing accounts, reconciling bank statements, and generating financial reports. Accounting involves analyzing financial data, creating financial statements, developing budgets, and advising on financial decisions. By working together, bookkeepers and accountants can help businesses make informed decisions and achieve their financial goals.

Accounting and Bookkeeping

RUBRIC
Excellent Quality 95-100%	Introduction 45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.		Literature Support 91-84  points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.			Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score 50-85%	40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.		83-76  points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.			52-49  points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality 0-45%	37-1 points The background and/or significance are missing. No search history information is provided.		75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.			48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
You Can Also Place the Order at www.perfectacademic.com/orders/ordernow or www.crucialessay.com/orders/ordernow

 

PLACE THE ORDER WITH US TODAY AND GET A PERFECT SCORE!!!