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Do you know? Difference between Bookkeeping and Accounting Bookkeeping — Is the recording function of the accounting process — Enters accounting information in the company's books Accounting — Prepares the financial Statements — Involves many complex activities Principles and Standards used in Accounting Generally Accepted Accounting Principles — Procedures and guidelines that must be followed during the accounting process — Used to ensure everyone prepares and interprets financial reports the same way International Financial Reporting Standards ('FRS) — Guidelines developed by the International Accounting Standards Board — US is considering a change from GAAP to IFRS.
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