These financial records are used by accountants, financial analysts and other professionals to analyze business performance and expenses, summarize cash flows and revenue streams, interpret financial data and help key decision-makers maximize future investments.
As an industry term, accounting refers to the process of financial statement preparation and analysis, an academic field of study, a profession and more. The catch-all nature of this word partially explains why some students have questions about the difference between accounting and accountancy.
Pursuing a career in accountancy or accounting is basically the same thing, with a few minor caveats. For example, an auditor may not be considered an accountant in a technical sense, but their activities certainly fall under the accountancy umbrella.
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Add CommerceMates to your Homescreen! Accounting is a process of recording financial transactions for preparing and maintaining financial accounts. Accountancy refers to interpretation of financial accounting and communicating the financial information to all concerned parties. Improve this question. Village Village 2, 17 17 gold badges 38 38 silver badges 71 71 bronze badges. Add a comment. Active Oldest Votes. Here is the definition from Wikipedia : Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers.
Improve this answer. Noah Noah After 40 years in the profession I tend to think that the Wiki entry reflects UK usage. Americans are more inclined to use 'accounting' where we would say 'accountancy'. Accounting refers to the mechanism of maintaining and keeping the records of the transactions and events and also its analysis and interpretation. It also includes the preparation of final accounts i. It is associated with communicating the interpreted results of the financial information to its users.
Accounting is a system which involves the identification of transactions and events which are financial in nature; ensuring measurement of transactions in the monetary terms; recording the transactions in the journal; classifying the entries in ledger, summarizing the entries in final accounts i.
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