Bookkeeping vs Accounting

Information sharing and discussion for the public over the related matters on Accounting and Bookkeeping

So really what is the difference between Accounting and Bookkeeping? It is confusing mainly because Bookkeeping is the foundation of Accounting and it takes up more than 70 percent of the accounting work. To put it simple, Bookkeeping is a systematic financial data entry process for a business or an entity. And add that to compiling, reporting, analyzing and summarizing process of those data, you will get Accounting.

Financial Statements

Purpose of Financial Statements in Singapore The Accounting Standards Council ASC in Singapore believes that the financial statements purpose is intend for the use of economic decisions makers. These decisions like determine when to buy, hold or sell an equity…

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Other Accounting Related Discussions

Cash Flow Statement

Cash Flow Statement used in Singapore Cash Flow Statement reports an entity’s true financial health with the inflows and outflows of cash over an accounting period, best used as monthly report. It logs in the actual financial transaction where the money comes and…

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Income Statement

Income or Profit & Loss Statement used in Singapore Income Statement (aka Profit & Loss Statement) indicates a business entity’s financial performance over a period, likely to be yearly for tax reporting, with its revenue against expenses. Rather than a…

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Balance Sheet

Balance Sheet uses in SingaporeBalance Sheet, in Singapore Financial Reporting Standards SFRS also known as the statement of financial position, is one of the statement of accounts required by the Inland Revenue Authority of Singapore IRAS, for entities to easily file…

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