Bookkeeping is a part of Accounting and is concerned with the recording of transactions which is often routine and clerical, whereas Accounting performs other functions as well, viz., measurement and communication, besides recording. An accountant is required to have a much higher level of knowledge, conceptual understanding, and analytical skill than is required of the bookkeeper.
An accountant designs the Accounting system, supervises and checks the work of the bookkeeper, prepares the reports based on the recorded data, and interprets the reports. Nowadays, he is required to take part in matters of management, control, and planning of economic resources.
Accounting a science or art
Science is a systematized body of knowledge. It establishes a relationship between cause and effect in the various related phenomena. It is also based on some fundamental principles. Accounting has its principles e.g. the double entry system, which explains that every transaction has two-fold aspects i.e. debit and credit. It also lays down the rules of journalizing. So we can say that Accounting is a science. Art requires perfect knowledge, interest, and experience to do work efficiently. Art also teaches us how to do work in the best possible way by making the best use of the available resources. Accounting is an art as it also requires knowledge, interest, and experience to maintain the books of accounts systematically. Everybody cannot become a good accountant. It can be concluded from the above discussion that Accounting is an art as well as a science.
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