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what difference b/w commerce and accounting?
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Answer Posted / shalini parisha
Commerce: Commerce is a division of trade or production
which deals with the exchange of goods and services from
producer to final consumer. It comprises the trading of
something of economic value such as goods, services,
information or money between two or more entities.
Definition: Accounting has also been defined by the AICPA
as"The art of recording, classifying, and summarizing in a
significant manner and in terms of money, transactions and
events which are, in part at least, of financial character,
and interpreting the results thereof.
Meaning:" Accountancy or accounting is the art of
communicating financial information about a business entity
to users such as shareholders and managers. It involves the
process of recording, verifying, and reporting of the value
of assets, liabilities, income, and expenses in the books
of account (ledger) to which debit and credit entries
(recognizing transactions) are chronologically posted to
record changes in value
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