what is accountancy?

Answer 1

Accountancy (profession) or accounting (methodology) is the measurement, disclosure or provision of assurance about information that helps managers and other decision makers make resource allocation decisions. Financial accounting is one branch of accounting and historically has involved processes by which financial information about a business is recorded, classified, summarized, interpreted, and communicated. Auditing, a related but separate discipline, is the process whereby an independent auditor examines an organization's financial statements and accounting records in order to express an opinion—that conveys reasonable but not absolute assurance—as to the truth and fairness of the statements and the accountant's adherence to Generally Accepted Accounting Principles (GAAP), in all material respects. At the heart of accounting is the measurement of financial transactions which are transfers of legal property rights made under contractual relationships. Non-financial transactions are specifically excluded due to conservatism and materiality principles.

Practitioners of accountancy are known as accountants. There are many professional bodies for accountants throughout the work. Many allow their members to use titles indicating their membership. Examples are Chartered Certified Accountant (ACCA), Chartered Accountant (CA) and Certified Public Accountant (CPA).

Accountancy attempts to create accurate financial reports that are useful to managers, regulators, and other stakeholders such as shareholders, creditors, or owners. The day-to-day record-keeping involved in this process is known as bookkeeping.

At the heart of modern financial accounting is the double-entry bookkeeping system. This system involves making at least two entries for every transaction: a debit in one account, and a corresponding credit in another account. The sum of all debits should always equal the sum of all credits. This provides an easy way to check for errors. This system was first used in medieval Europe, although claims have been made that the system dates back to Ancient Greece.

According to critics of standard accounting practices, it has changed little since. Accounting reform measures of some kind have been taken in each generation to attempt to keep bookkeeping relevant to capital assets or production capacity. However, these have not changed the basic principles, which are supposed to be independent of economics as such.

Answer 2

Accountancy is the profession of communicating financial information about a business to shareholders and managers. Accountants are persons who do accounting, and also carry out the auditing or checking of a company's books and records. In Britain, this auditing is often carried out by a chartered accountant. When accountants perform accounting work, they write in the books of account that belong to a company. Every time money is spent or earned, it is written in the ledger. The information in the ledger is used to prepare the company accounts monthly, quarterly and annually.

Answer 3

Practitioners of accountancy are known as accountants. There are many professional bodies for accountants throughout the work. Many allow their members to use titles indicating their membership. Examples are Chartered Certified Accountant (ACCA), Chartered Accountant (CA) and Certified Public Accountant (CPA).

Accountancy create accurate financial reports that are useful to managers, regulators, and other stakeholders such as shareholders, creditors, or owners. The day-to-day record-keeping involved in this process is known as bookkeeping.

Answer 4

It's the practice of accounting for money flowing into and out of a business. (i.e. from sales, investments, taxes, etc.).
In the private sector, accounting usually refers to you accounting for your income so that the correct amount of taxes you owe is calculated and paid to the government.

Answer 5

The practice of accounting. This can be an actual practice (a company) or a verb (what an accountant does).

Answer 6

It is about debit and credit
about incomes and expenditures must be equal

Answer 7

bean-counting