Answer Posted / lav sharma
At the end of the year businessman wants to know about end
year position so at the end of the year we can know about
what's we have gained and what’s we have lost.
With the help of accounting we can easily know that what we
have assets and what are the liabilities in the end of the
year.
The hole year transaction like…. money exchange,
purchasing, selling etc we can recorded throughout book-
keeping, accounting and accountancy.
In book-keeping we can record all transaction and when book-
keeping closed we start accounting and in accounting we
summarizing the all transaction throughout profit and lose
account and balance sheet.
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