A common question is whether there is any difference between
accounting and bookkeeping. We will begin with bookkeeping, since it is
essentially a subset of the larger topic of accounting. Bookkeeping is
the recordation of basic accounting transactions, such as:
Issuing invoices to customersRecording invoices from suppliersRecording cash receipts from customersPaying suppliersRecording changes in inventoryProcessing payrollProcessing petty cash transactions.