Answer: Accounting focuses on collecting and reporting, while accountancy includes many other areas, such as forecasting, auditing, bookkeeping and financial decision-making.
Accounting focuses on collecting and reporting, while accountancy includes many other areas, such as forecasting, auditing, bookkeeping and financial decision-making.
Explanation:
Accounting is meant to keep a complete record of the business transactions in a sequential manner, which forms a base for the preparation of the financial statements of the company. Itaims at providing information to the interested parties to make sound financial decisions.
Accounting is a business language in which the economic activities of the enterprise are recorded and presented. On the contrary, the profession opted by accountants is termed accountancy.