Accountancy is defined by the Oxford English Dictionary as "the profession or duties of an accountant".
Accounting is thousands of years old. The earliest accounting records, which date back more than 7,000 years, were found to be kept by the Assyrians. The people of that time relied on primitive accounting methods to record the growth of crops and herds. Accounting evolved. Accounting has improved over the years and has advanced as business has advanced.
Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in selecting the information that is relevant to the user and is reliable. The accounting principles are applied to business entities in three divisions of practical art, named accounting, bookkeeping, and auditing.
|
