Bookkeeping involves the recording of financial transactions, while accounting includes interpreting, analyzing, and summarizing this data to provide insights into financial performance.

The three basic financial statements are the Balance Sheet, Income Statement (Profit and Loss Statement), and Cash Flow Statement. Each provides different insights into a company's financial health.

Double-entry bookkeeping is a method where every transaction affects at least two accounts, ensuring the accounting equation (Assets = Liabilities + Equity) remains balanced.

Reconciling bank statements helps identify discrepancies between the company’s records and the bank’s records, ensuring accuracy and preventing fraud.

A trial balance is a report that lists all account balances to verify that total debits equal total credits, helping to ensure that the books are balanced before preparing financial statements.

GAAP is a set of rules and standards used in financial reporting to ensure consistency, transparency, and fairness in financial statements, allowing for easier comparison across organizations.