4 Important Differences between Accounting and Accountancy

4 Important differences between Accounting and Accountancy.

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Welcome to our YouTube channel “Everything about Accounting.”

In this video, we are going to learn the 4 important differences between accounting and accountancy.

So let’s get started.

1. Accounting starts where bookkeeping ends, while accountancy is the knowledge of how to do accounting.
2. Accounting summarizes financial statements and communicates the results to those who are concerned, while Accountancy explains how to keep different books of records in order.
3. Accounting is the science of tracking and classifying business transactions, while accountancy is the practice of preparing and communicating accounting information to those who need it.
4. Accounting facilitates business management, while accountancy, like other academic subjects such as finance, physics, and chemistry, is formal knowledge.

I hope at the end of the video, you have learned the differences between Accounting and Accountancy.

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