Definition: The word "accountancy" can have multiple meanings in different contexts, but I will try to provide a general definition.
1.
Accounting
- In accounting, financial statements are prepared for the purpose of making decisions about the business. They include accounts receivable, inventory, and other financial statements. A company's financial performance is determined by its financial statements.
2.
Accountancy
- The branch of law dealing with accountancy and the practice of accounting. It deals with the preparation, issuance, auditing, review, and reporting of financial statements, as well as tax planning, income taxation, and other related matters.
3.
Accountancy in India
- Indian accounting is a formal system based on the laws and regulations of the country and can be regulated by various bodies like ICMA (Indian Council of Accountants), IICMA (Indian Institute of Certified Public Accountants) etc. It includes all aspects of financial management including budgeting, forecasting, tax planning, and auditing.
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