LGCSE Accounting (0187) Practice Questions - Lesotho General Certificate Of Secondary Education Accounting (Syllabus 0187) Exam

What is the main difference between bookkeeping and accounting?

Bookkeeping records transactions; accounting also classifies, summarises, interprets and reports the information Bookkeeping only prepares the statement of financial position; accounting only records cash Accounting is done before bookkeeping in the accounting cycle Bookkeeping requires professional judgment; accounting is purely mechanical

Correct Answer:

Bookkeeping records transactions; accounting also classifies, summarises, interprets and reports the information

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