MANAGEMENT

Detailed explanation-1: -Bookkeepers oversee a company’s financial data and compliance by maintaining accurate books on accounts payable and receivable, payroll, and daily financial entries and reconciliations. They perform daily accounting tasks such as monthly financial reporting, general ledger entries, and record payments and adjustments.

Detailed explanation-2: -Accountants are responsible for maintaining records of a company’s daily transactions and compiling those transactions into financial statements such as the balance sheet, income statement, and statement of cash flows.

Detailed explanation-3: -Bookkeeping is the recording of all financial transactions, including financial records of purchases, sales, receipts and payments, as well as accruals for payables or receivables.

Detailed explanation-4: -A single entry system of bookkeeping is where the transactions of the business affect only one account, i.e. only one account’s value will decrease or increase based on the transaction amount.