Major Difference Between Account and Accounting

At a glance, we think that account and accounting both are the same but there is some difference between account and accounting which are mentioned 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 Comment

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Scroll to Top