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Unformatted text preview: debit side, and one to the credit side, of the corresponding account. Accounting is the systematic recording, reporting, and analysis of financial transactions of a business. As bookkeeping involves making a financial record of business transactions, it is true to say that the role of bookkeeping is encompassed within the scope of accounting, and the bookkeeping system used by a business would form part of the accounting system. Accounting also includes the preparation of statements concerning assets, liabilities and the operating results of a business....
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This note was uploaded on 06/06/2011 for the course ECON 380 taught by Professor Price during the Spring '11 term at Brigham Young University, Hawaii.
- Spring '11