(i) The Accounting Cycle refers to the collective process of recording and processing the accounting information of an organisation.
(ii) The series of steps begin when a transaction occurs and end with its inclusion in the financial statements.

(i) Accountancy is the process of managing the income and expenses of a business firm.
(ii) Recording, classification and reporting are some key tasks of accountancy.
(iii) Accountancy is a branch of knowledge where as accounting is the action or process

i) Accounting is a process of recording, classifying, summarizing business transactions and events.
(ii) It is to ascertain the financial position and performance and to communicate the results to the interested users.

(i) According to realisation concept, any change in value of an asset is to be recorded only when the business realises it.
(ii) When assets are recorded at historical value, any change in value is to be accounted only when it realises.

(i) Accounting concepts are the basic assumptions or conditions upon which accounting has been laid.
(ii) Accounting concepts are the results of broad consensus.
(iii) The word concept means a notion or abstraction which is generally accepted.
(iv) Accounting concepts provide unifying structure to the accounting process and accounting reports.

According to R.N. Carter defines, "Book keeping is the science and art of recording correctly in the books of account all those business transactions of money or money's worth".

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.

The following are the basic concepts of accounting :
(i) Business entity concept
(ii) Money measurement concept
(iii) Going concern concept
(iv) Cost concept
(v) Dual aspect concept
(vi) Accounting period concept
(vii) Matching concept
(viii) Realisation concept
(ix) verifiable and objective evidence concept
(x) Accrual concept.

(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

Book keeping has the following limitations.
(i) Only monetary transactions are recorded in the books of accounts.
(ii) Effect of price level changes are not considered.
(iii) Financial data recorded are historical in nature, i.e., only past data are recorded.

(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.

Meaning of Book-keeping:
(i) Book-keeping is the process of recording financial transactions in the books of accounts.
(ii) It is the primary stage in the accounting process.
(iii) It includes recording the transactions and classifying the same under proper heads.
(iv) Book-keeping work is of routine nature.
Features of Book-Keeping :
Following are the features of book-keeping :
(i) It is the process of recording transactions in the books of accounts.
(ii) Monetary transactions only are recorded in the accounts.
(iii) Book-keeping is the primary stage in the accounting process.
(iv) Book-keeping includes journalising and ledger processing.