Major Difference Between Account and Accounting

At a glance we think that account and accounting both are same but there is some difference between account and accounting which are mention below:

Difference between account and accounting

Account: An accounting record, in which the results of transactions are accumulated, shows an increase, decreases, and database. It is a record of financial transactions, credit extended, the commercial relationship involving credit, a customer, and a financial fund.

Accounting: It refers to the systemic recording, reporting, and analysis of financial transactions of a business.

According to the American Accounting Association (AAA) –“Accounting refers to the process of identifying measuring and communicating economic information to permit informed judgment and decisions by users of the information.”

difference_between_account_and_accounting

Difference between account and accounting

So, Accounting can be defined as the recording, classifying, summarizing and interpreting in a significant manner and in terms of money, transactions and events of a financial character.

You May Like Also:

Leave a Reply

Your email address will not be published. Required fields are marked *