It is the summarizing stage, which is concerned with the analysis and interpretation of the bookkeeping records.Īccounting is a discipline based on varied terms, rules, principles, and standards which are required to be followed. In the process of bookkeeping, business transactions and events are identified and recorded systematically. It is a field of knowledge that indicates the route to accounting.Īccounting is all about the preparation of financial statements and their presentation in the simplest possible manner, based on the information recorded, using the bookkeeping process by the bookkeeper. It is an action based on the knowledge of accountancy. Profession pursued or opted by the accountants. Nature of work performed by the accountants. Content: Accounting Vs AccountancyĪccounting is a systematic process that involves measurement, recording, classification, summarizing, presenting and interpreting the financial information of an organization.Īccountancy implies the systematic body of knowledge that prescribes accounting principles, conventions and techniques, which are to be followed during the accounting process. preparing and maintaining accurate financial records of the enterprise.Īccounting and Accountancy, two are commonly misconstrued by many students however there are subtle differences between the two which we will be discussing in this post. Who is an Accountant?Īn accountant is a professionally qualified person who performs accounting functions, i.e. On the contrary, the profession opted by accountants is termed accountancy.
Accounting is a business language in which the economic activities of the enterprise are recorded and presented.
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