State any five differences between 'Book-Keeping' and 'Accounting'.

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BasisBook-KeepingAccounting(1) ScopeBookkeeping is concerned with identifying the financial transactions, measuring, recording and classifying them.Accounting is concerned with summarising the recorded transactions, interpreting the results.(2) ObjectiveThe objective of bookkeeping is to maintain systematic records of financial transactions.The objective of accounting is to ascertain net results of operations and financial position of business and to communicate information to the interested users.(3) RelationBook-keeping is the base for accounting.Accounting begins where book-keeping ends.(4) Special SkillsBookkeeping is mechanical in nature and thus does not require special skills.Accounting requires special skill and ability to analyse and interpret.(5) Nature of JobThis job is clerical and routine in nature.This job is analytical and dynamic in nature.

Basis	Book-Keeping	Accounting
(1) Scope	Bookkeeping is concerned with identifying the financial transactions, measuring, recording and classifying them.	Accounting is concerned with summarising the recorded transactions, interpreting the results.
(2) Objective	The objective of bookkeeping is to maintain systematic records of financial transactions.	The objective of accounting is to ascertain net results of operations and financial position of business and to communicate information to the interested users.
(3) Relation	Book-keeping is the base for accounting.	Accounting begins where book-keeping ends.
(4) Special Skills	Bookkeeping is mechanical in nature and thus does not require special skills.	Accounting requires special skill and ability to analyse and interpret.
(5) Nature of Job	This job is clerical and routine in nature.	This job is analytical and dynamic in nature.

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