(a) Outline two differences between bookkeeping and accounting (b) List one source document used for each of the following transactions: i. sales ii. purcha...

Assessment: WAEC SSCE - Financial Accounting - 2020 (Essay) Subject: Financial Accounting

Question 1 Report

(a) Outline two differences between bookkeeping and accounting

(b) List one source document used for each of the following transactions:
i. sales
ii. purchases
iii. cash deposit
iv. salary
v. returns outwards

(c) State three purposes of source documents

Answer

Bookkeeping	Accounting
It is the routine recording and classifying of financial transactions in the books.	It is wider: it summarises, analyses, interprets and communicates the recorded information.
It is largely clerical and mechanical work.	It requires greater skill, judgement and analysis.
It ends where the trial balance is drawn up.	It begins where bookkeeping ends, preparing and interpreting final accounts.

Bookkeeping	Accounting
It is the routine recording and classifying of financial transactions in the books.	It is wider: it summarises, analyses, interprets and communicates the recorded information.
It is largely clerical and mechanical work.	It requires greater skill, judgement and analysis.
It ends where the trial balance is drawn up.	It begins where bookkeeping ends, preparing and interpreting final accounts.

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