examples of accounting,accountancy and book keeping
Answers
The definition of accountancy is the act of being in a professional field called "accounting," which involves keeping track of financial records and doing taxes. An example of the word accountancy is a firm like Arthur Anderson which provides accounting functions for a big corporation.
Explanation:
Bookkeeping first involves recording the details of all of these source documents into multi-column journals (also known as books of first entry or daybooks). For example, all credit sales are recorded in the sales journal; all cash payments are recorded in the cash payments journal.
In the simplest of terms, bookkeeping is responsible for the recording of financial transactions whereas accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing the financial data. Bookkeeping and accounting may appear to be the same profession to an untrained eye.