At first, accounting is strange for me as I have zero knowledge about this topic. It gives me the impression that it is difficult. I have never thought of taking accounting as my special subject in second semester. But during the past few months, accounting has taught me a lot of things. I’ve learned that accounting affects business and how it allows the organization to identify cash inflows and outflows As of now, I am able to differentiate bookkeeping from accounting. Bookkeeping is responsible for the recording of financial transactions whereas accounting is responsible for interpreting, classifying, analyzing, reporting and summarizing financial data. The biggest difference between the two is that accounting involves interpreting and analyzing data and bookkeeping does not. Accounting is broader than bookkeeping.