Question

definition of accountancy., book keeping and account
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Answer 1

Answer:

Accountancy :-

• Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities.

Book keeping :-

• Bookkeeping is a process of recording and organizing all the business transactions that have occurred in the course of the business. Bookkeeping is an integral part of accounting and largely focuses on recording day-to-day financial transaction of the business.

Account :-

An account is a summarised record of the relevant transactions relating to a particular head. It records not only the amount of transactions, but also their effects and directions. For example, a cash account will show all of cash received and paid.

Explanation:

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