Question

what is the difference between accounts, accounting and accountancy

Answer 1

Answer:

BASICALLY ACCOUNTS AND ACCOUNTING ARE THE ELEMENTS OF ACCOUNTANCY. Accounts is the record or statement of financial expenditure and receipts relating to a particular period or purpose. ... Accountancy is the practice of recording, classifying, and reporting on business transactions for a business.

Answer 2

In accounting, an account is a record in the general ledger that is used to sort and store transactions. ... Another account, Sales, will collect all of the amounts from the sale of merchandise. Most accounting systems require that every transaction will affect two or more accounts.