what is Accountacy?
Answers
Accountancy covers those rules, regulations, procedures, principles, concepts, conventions, and techniques which are to be applied in the process of accounting. It is a broad term. It also includes Financial Accounting, Cost Accounting, Management Accounting, Tax Accounting and Government Accounting. Virtually, accountancy acts as a guide for the preparation of books of accounts, summarisation of information and communicating the results to the concerned persons. Accountancy is usually used for accounting work of a higher order. In the words of Kohler, “Accountancy refers to the entire body of the theory and practice of accounting.”
Definition given by the American Institute of Certified Public Accountants.
Financial Accounting is the art of recording, classifying and summarizing in a significant manner in terms of money transactions and events which are in part ,at least of a financial character and interpreting the results thereof.
Definition given by the American Accounting Association
Accounting is "the process of identifying , measuring and communicating economic information to permit informed judgements and decisions by users of the information".