Question

diff between accountancy and accounting​

Answer 1

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They are more or less interchangeable. Accounting has different meanings and in one sense refers to the process of keeping or maintaining financial records; while accountancy, according to OED, specifically refers to the duties(which consists of accounting, bookkeeping, auditing, etc.) or profession of an accountant.

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Answer 2

Answer:

Accounting and Accountancy are two interrelated terms. Accountancy is a wider term and accounting comes under the perspective of accountancy. Accounting means recording, summarising, analysing and reporting financial transactions. It is concerned with keeping and maintaining books of accounts of the business. Accountancy on the other hand refers to the interpretation of financial data collected through accounting and communicating it in the form of financial statements to all concerned parties. Accountancy contains all rules, regulations, principles, conventions to be followed in the process of accounting. It clearly defines the duties and roles of an accountant who is required to prepare, check and interpret financial accounts. Accounting aims to record each and every financial activity taking place in business whereas accountancy aims to communicate all information regarding the financial state of business to all the concerned parties

Explanation:

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