Accounting Vs Accountancy Accounting is the action or process of keeping financial accounts. Accountancy describes the duties of an accountant, the person whose job is to keep, inspect and interpret financial accounts. In relation to business, accountancy is, in effect, the total of all actions taken by a business to: to record financial transactions to […]
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What is the difference between accounting and accountancy?
category: Financial Accounting Basics
tags: accountancy, accounting
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What is accounting?
What is accounting? Accounting is a financial recording and reporting system (see Figure 1). Accounting identifies and classifies financial transactions; it then summarises these financial transactions into financial reports. Financial reports communicate relevant financial information to interested persons called stakeholders. This information allows stakeholders to decide how to best use the economic resources of the […]
category: Financial Accounting Basics
tags: accounting, accounting entity, financial information, financial reports, language of business, stakeholders, The American Accounting Association
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