Difference between Accounting vs. Accountancy

Accounting vs. Accountancy

Accounting: It consist of body of knowledge (principle’s, postulates, assumptions conventions, concept’s and rules) governing the science of recording ,classifying and analyzing the financial transaction’s is Accounting.

 

Accountancy: Whereas accountancy is the practice and art of the science of accounting.

                      The common parlance the term accounting and accountancy are used interchangeably but it should be clearly understood that the accounting is the discipline i.e. branch of knowledge  whereas accountancy is a profession just like any  others.