Question

Difference between accounting, accountancy and book keeping with example

Answer 1

Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities.

Accountancy is the practice of recording, classifying, and reporting on business transactions for a business. It provides feedback to management regarding the financial results and status of an organization.

Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business