Bookkeeping and accounting
Bookkeeping is a process by which a detailed record of all the transactions in kept. It is very important for a business to keep a detailed record of its financial transactions. These financial records are kept on the basis on double entry bookkeeping system.
Accounting uses the help of bookkeeping to produce financial statements which would be of interest to the stakeholders. The most common financial statements produced after the accounting process are income statement and balance sheet.