Competitive Exams Accountancy Introduction

What is accountancy

Accountancy is the practical form of accounting. In many countries, all accounting courses are done by using word accountancy courses. I think, accountancy is fully academic term of accounting.

Accountancy is related to making of final accounts and preparing of financial reports which are useful for business, debtors, creditors, tax authorities and employees. In the British, Professional accountants have made the Consultative Committee of Accountancy Bodies. CCAB is now a limited company with six members:

  • The Institute of Chartered Accountants in England and Wales ICAEW
  • The Institute of Chartered Accountants of Scotland ICAS
  • The Institute of Chartered Accountants in Ireland ICAI
  • The Association of Chartered Certified Accountants ACCA
  • The Chartered Institute of Management Accountants CIMA
  • The Chartered Institute of Public Finance and Accountancy CIPFA

But, In India, accountancy is just basic introduction of accounting at secondary level and full course completed in graduate with learning of different subjects like financial, cost, management and corporate accounting.

Both accountancy and accounting is branch of science and professional accountants use this science for recording, classify, analysis and summarizing of transactions of business and main aim is to provide useful information to interested parties regarding their business.