Question

Difference between accounting and accountancy 1

Answer 1

Answer:

Accounting:-

. Accounting begins where book-keeping is ended.

. It summarised statements and communications the results of there of two parties interested in them.

. Accounting is the science of recording and classifying of business transactions.

Accountancy:-

. The knowledge of how to make accounting is called accountancy.

. Accountancy tells how to maintain various books of accounts.

. How to prepare them and how to communicate accounting information to the parties interested in them.

. Thus accounting is a systematic knowledge like other academic subjects such as economics physics and chemistry etc. .

Answer 2

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.