Question

what is the difference between accounting and accountancy by givomg appropriate examples​

Answer 1

Answer:

(a)Accounting                     (b) Accountancy

1. Meaning: a)Accounting is a process of recording financial transactions for preparing and maintaining financial accounts.

b) Accountancy refers to interpretation of financial accounting and communicating the financial information to all concerned parties.

2. Scope: a)Narrow

b) Wider and includes accounting under its perspective.

3. Dependency: a)Does not depend upon accountancy.

b) Accountancy depends upon accounting for taking and communicating various financial information.

4. Objective: a)Maintaining fair record of each and every financial activity taking place in business.

b)Providing details about financial state of business to all its stakeholders.

5. Decision making: a)Does not help in decision making. Data recorded here need analysis to be done to derive useful information.

b)Helps in decision making of management by presenting report regarding financial state of business.

6. Example : a)Recording of purchase and sale of books comes under the accounting.

b)When accountant interpret financial accounts and communicate financial information, it comes under accountancy.

HOPE IT HELPS U

:)

Answer 2

Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers.1 The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in selecting the information that is relevant to the user and is reliable.[2] The principles of accountancy are applied to business entities in three divisions of practical art, named accounting, bookkeeping, and auditing.[3] The American Institute of Certified Public Accountants (AICPA) defines accountancy as "the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof."[4]

That said, when referring to the field itself, I'll never use accountancy and will stick with accounting.