Introduction to Accounting and Accountancy

Accounting is an information system that collects financial information, processes it, and presents the findings to users.

The main objective was to find out the end result of the transactions after a certain period.

Accountancy consists of accounting and the logical framework for the same.

<p>The need for writing down transactions arose with the increase in the number of business transactions.</p> Signup and view all the answers

<p>Accounting is the practical aspect of keeping records, while accountancy includes both practical recording and the theoretical framework for those practices.</p> Signup and view all the answers

<p>The function of accounting is to keep transactions in black and white to identify the end result of the same after a certain period.</p> Signup and view all the answers

<p>Collecting financial information and processing it systematically</p> Signup and view all the answers

<p>To find out the end result of the transactions after a certain period</p> Signup and view all the answers

<p>Accounting is the practical aspect, while accountancy includes theoretical framework</p> Signup and view all the answers

<p>Keeping them in memory</p> Signup and view all the answers

<p>Practical recording and theoretical framework</p> Signup and view all the answers

<p>Collecting financial information and processing it systematically</p> Signup and view all the answers

<p>Processing and storing ground of financial information</p> Signup and view all the answers

<p>Accounting is the practical aspect of keeping records, while accountancy combines practical recording and theoretical framework.</p> Signup and view all the answers

<p>Keeping transactions in memory</p> Signup and view all the answers

<p>To find out the end result of the transactions after a certain period</p> Signup and view all the answers

<p>Accounting and logical framework</p> Signup and view all the answers

<p>Collecting financial information, processing using systematic techniques, and presenting the findings to users</p> Signup and view all the answers