Distinguish between the following:
- Book Keeping and Accounting.
- Accrual Basis of Accounting and Cash Basis of Accounting.
- Books of Original Entry and Ledger.
- Trade Discount and Cash Discount.
- Commission and Discount.
- Simple Petty Cash System and Imprest System of Petty Cash.
- Errors of Omission and Errors of Commission.
- Error of Principle and Clerical Errors.
- Manufacturing Account and Trading Account.
- Trading and Profit and Loss Account and Balance Sheet.
- Trial Balance and Balance Sheet.
- Fixed Assets and Current Assets.
- Tangible Assets and Intangible Assets and Fictitious Assets.
- Contingent Asset and Contingent Liability.
- Accrued Income and Unaccrued Income.
- Prepaid Expenses and Outstanding Expenses.
- Capital ...
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