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JAMB Principles of Accounts 2014 Question 2

Question 2

Introduction to Accounting

One of the differences between bookkeeping and accounting is that the former

  1. A.records data while the latter interprets it.
  2. B.is regarded as the language of the business while the latter ascertains its strength.
  3. C.interprets data while the latter records it.
  4. D.summarises information while the latter communicates it.
Show the answer and explanation

Answer: A (records data while the latter interprets it.)

Explanation

Book-keeping records transactions; accounting goes further to analyse and interpret the records.