What is the difference between accounts, accounting and accountancy?
Difference between an Account, Accounting, and Accountancy is mentioned below:
An account is a record holder used to store and make transactions. It prepares the financial documentations in the form of debit or credit cards. Standardly, an account is the statement of all the financial proceedings.
Keeping the comprehensive record of financial affairs of an account and the analysis. Reporting of such transactions to different departments such as tax etc. It helps people keep a track of their savings and spending’s in the account without any effort.
The amalgamation of the analysis, summary, interpretation of an account. It provides the knowledge of legally dealing with the data in accounts. Through accountancy, one can know the rules and regulations of this field and status of the financial establishment. Mainly, the profession of a person executing the tasks of an accountant is called Accountancy.
What is Account accounting and accountancy?
Accounting is the action that is based on the knowledge of accountancy, whereas accountancy is the field of knowledge that shows the route to accounting. When it comes to scope, accountancy has a wider scope than accounting, because accountancy includes both bookkeeping as well as accounting