Question

What is Accounting in Accountancy?

Answer 1

Accounting professionals are extremely important in almost all functions of business and government. Accountants and bookkeepers prepare and maintain financial records. They make sure that financial records are accurate and prepared correctly. Additionally, they also make sure that tax reports are prepared correctly and paid when they are due. Accounting is the backbone of businesses as this is the only way of knowing what the budget is for the year, the profit, the cost, etc.
Accountant positions encompass a wide range of job functions. They may organize and maintain financial records. They may compute financial obligations, such as taxes and payroll. Frequently, accountants review financial operations and make recommendations to management regarding methods to reduce operational costs, increase revenue and increase profits.

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Answer 2

Accounting :

“Accounting is the art of recording, classifying and summarising in a significant manner and in terms of money, transactions and events.

Recording, Classifying and summarising are also termed as ' process of Accounting ' Or 'Accounting Cycle'.

Accounting is the “secondary Stage”. Accounting starts where book-keeping ends.

It's main function is to ascertain the net results and the financial position of the business and to communicate them to interested parties.