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Mention 2 Differences between accounting and accountancy.

Answer» \tAccounting\tAccounting begins where book-keeping ends.\tIt summarised statements and communication the results there of to parties interested in them.\tAccounting is the science of recording and classifying business transactions.\tIt makes easy to handle the business.\tAccountancy\tThe knowledge of how to make accounting is called accountancy.\tAccountancy tells how to maintain various books of accounts.\tHow to prepare them and how to communicate accounting information to the parties interested in them.\tThus accounting is a systematic knowledge like other academic subject such as economics, physics, chemistry etc.


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