Final answer:
The terms accounting and bookkeeping are not synonymous; bookkeeping is a subset of accounting, which involves more complex tasks such as analysis, interpretation, and summarization of financial data.
Step-by-step explanation:
The terms accounting and bookkeeping are not synonymous and cannot be used interchangeably. This is false. Bookkeeping is the process of recording daily transactions in a consistent way, and it is a key part of the larger field of accounting. Accounting is a more holistic and complex field that uses the information gathered through bookkeeping. Accountants analyze, interpret, and summarize financial data, often using this information to create reports, financial statements, and perform audits. Accounting involves strategic tax planning, financial forecasting, and involves compliance with financial regulations and law, which goes far beyond the scope of basic bookkeeping.