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FINAL ACCOUNTS OF SOLE PROPRIETORSHIP — Commercial Studies STD 10 — Question

ICSE BoardEnglish MediumSTD 10Commercial StudiesFINAL ACCOUNTS OF SOLE PROPRIETORSHIP2 Marks
Question
Distinguish between Book Keeping and Accounting.
✓

Answer

(i) Book Keeping means making original entries of business transactions in the books whereas accounting means analysing and interpreting these entries.
(ii) Book Keeping is the first stage of accounting cycle while accounting is the second stage.

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