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A life membership fee received by a Club is shown in Balance sheet.
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Accounting: To keep the record of each and every finance activity either in the ledger or journal form is called as accounting. It also depends on nature of business so accounting has the different meaning at a time. As it comprises distinct work.
Here are the things that included in Accounting
1. Record of business finance in a standard format to analyze business cash inflow and outflow status.
2. Bookkeeping records to define the lifecycle of a financial system and its resources.
3. A process which upgrade business activities in time and within budget costs.
Accountancy : To summarize, classify and accordance of every financial activity into a system is known as accountancy.
It includes:
1. It relates to reporting of accounting, bookkeeping, auditing etc.
2. Especially consider making reports on various distinct financial systems.
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Sakshi Sharma 6 years, 3 months ago
2Thank You