![]() ![]() Record keeping: The system of record keeping of financial transactions requires the use of standard set of accounting policies, practices and procedures, as well. The term accountancy is used for the profession of accountants – one who does the work of accounting whereas, accounting is the systematic process of recording all business transactions and translating all intangible reports for its intended use by the user. Generally, the terms accounting and accountancy are used interchangeably but there is a thin line difference between these two items. Difference between Accounting and Accountancy Definition of AccountingĪccording to American Institute of Certified Public Accountants (AICPA),‘Accounting is the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character and interpreting the results thereof’. The need for recording business transactions in a clear and systematic manner is the basis which gives rise to Accounting.
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