Book-keeping is part of Accounting. It is the primary stage in accounting. It is the process of recording transactions in the books of accounts.
Accounting is part of Accountancy. Accounting is the process of recording, classifying, analysing and interpreting of financial data. Accountancy is the systematic knowledge of accounting process and contains the standards, principles, policies and procedures to be followed in accounting.

The advantages of book-keeping are:
(i) Transactions are recorded systematically in chronological order in the hooks of accounts.
(ii) Book-keeping is useful to get financial information,
(iii) It helps to have control over various business activities:
(iv) Records provided by business serve as a legal evidence in case of any dispute.
(v) Comparison of financial information over the years is possible. Also comparison of financial information of different business units is facilitated.
(vi) Book-keeping is useful to find out the tax liability.

(i) Matching principle states that the expenses of an accounting period are matched with the related revenue for correct determination of profit.
(ii) According to the matching principle, the purchase price of fixed asset is not related to the accounting period because the benefit derived from its use will be spread over a number of years.
(iii) Therefore, only depreciation related to the accounting period is considered for determination of profit

Value of consistency is reflected by the accounting standards issued by ICAI as following consistent set of standards, enables comparability of financial statements.

Following are the objectives of book-keeping :
(i) To have a complete and permanent record of all business transactions in chronological order and under appropriate headings.
(ii) To facilitate ascertainment of the profit or loss of the business during a specific period.
(iii) To facilitate ascertainment of financial position.
(iv) To know the progress of the business.
(v) To find out the tax liabilities.
(vi) To fulfill the legal requirements

(i) International Financial Reporting Standards are issued by the International Accounting Standard Board (IASB).
(ii) IFRS is a set of International Accounting Standards stating how particular types of transactions and other events should be reported in financial statements.
(iii) IASB initially adopted the Accounting standards issued by IASC to be replaced by IFRS upon their issuance.
(iv) The objective behind setting up the IASC and later IASB was to develop Accounting Standards that would be acceptable worldwide and to improve financial reporting internationally

(i) Accounting Standards provide the framework and norms so that the financial statements of different enterprises become comparable.
(ii) It becomes necessary to standardise the accounting principles and policies to ensure consistency, comparability, adequacy and reliability of financial reporting.
(iii) Accounting standards in India are issued by the Institute of Chartered Accountants of India (lCAI).
Definition:
In the words of Kohler, "Accounting standards are codes of conduct imposed by customs, law or professional bodies for the benefit of public accountants and accountants generally".

(i) "Business units last indefinitely". This statement is used in Going Concern Concept.
(ii) Going concern concept influences Accounting practices in relation to valuation of assets and liabilities, depreciation of the fixed assets, treatment of outstanding and prepaid expenses and Incomes.
(iii) The values involved in the going concern concept are
1. Growth: By following the going concern concept, business activities are to be carried out for future growth. 
2. Preparing for future: By following the going concern assumption, business firm always intends to prepare for the future.

(i) Only financial transactions are to be recorded because it is due to Money Measurement concept, which states that only those transactions are to be recorded in the books of accounts which consist of cash.
(ii) Hence it is concerned with the Nominal value not the real value.
(iii) For example Mohan purchase television for Rs.12,000. So this, will recorded in journal entry book as it has cash transactions.

(i) According to this concept, revenues during an accounting period are matched with expenses incurred during that period to earn the revenue during that period.
(ii) This concept is based on accrual concept and periodicity concept.
(iii) Periodicity concept fixes the time frame for measuring performance and determining financial status.
(iv) All expenses paid during the period are not considered, but only the expenses related to the accounting period are considered.