What is accountancy PDF

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WHAT IS ACCOUNTANCY...

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What is accountancy? Accountancy is defined by the Oxford English Dictionary as "the profession or tasks of an accountant." This includes calculating, processing, and communicating financial data, keeping detailed financial records, creating tax paperwork, and tracking an entity's economic resources. In common parlance, however, accountancy is a term used to separate professional degrees from those that are primarily academic in nature, such as a Master of Science in Accounting. As a result, accounting is frequently used as a catch-all phrase for a variety of aspects of financial statement preparation, compilation, and evaluation in real-world situations.

In practice, the basic accounting concepts students acquire in their undergraduate and graduate degrees are identical to the principles of accountancy. Accountants, auditors, and bookkeepers working for publicly traded corporations must follow a standardized set of regulations established by the Financial Accounting Standards Board, known as generally accepted accounting principles (GAAP) (FASB). The notion of accrual accounting, the revenue recognition principle, and the monetary unit principle are examples of these. Many non-publicly traded companies use the FASB's guidelines to maintain consistency and openness in accounting operations....