difference between accounting and accountancy
Answers
Answer:
Accounting is the action that is based on the knowledge of accountancy, whereas accountancy is the field of knowledge that shows the route to accounting. When it comes to scope, accountancy has a wider scope than accounting, because accountancy includes both bookkeeping as well as accounting.
Explanation:
As we have already talked about the meaning of these two terms, now we will move forward to understand the difference between accounting and accountancy:
1.Accounting is a process used to maintain a record of financial transactions while complying with all the standards, principles, and concepts. On the other hand, accountancy is the systematic body of knowledge that specifies various accounting principles, standards, and conventions, that are used to record the accounting information of the enterprise
2.Accounting is a discipline that is concerned with the nature of work performed by accountants. As against, by the term ‘accountancy’ we mean the profession of the accountants.
3.While accounting deals with the practical part, accountancy deals with both conceptual, i.e. theoretical and practical parts. Therefore we can say that what we practice is accounting, but what we study and apply is accountancy.
4.Accounting is the action that is based on the knowledge of accountancy, whereas accountancy is the field of knowledge that shows the route to accounting.
5.When it comes to scope, accountancy has a wider scope than accounting, because accountancy includes both bookkeeping as well as accounting.
6. The primary tool of accounting is the financial statements, i.e. trading and profit and loss account, balance sheet, and cash flow statement. On the other hand, the accounting principles, standards, rules, concepts, and conventions, the tools of accountancy.
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Answer:
The Accountancy is records of transaction & events with objective of ascertaining such results, while Accounting is process of recording the transaction and event.
Explanation:
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