Accounting or accountancy is a complex field that basically deals with the measurement, recording, interpretation, and reporting of financial and non-financial data about organizations including corporations and businesses. These data are used for a variety of purposes such as analysis, planning, management, planning and forecasting. However, many people often confuse accounting and accountancy for the same thing due to the similarities in the word ‘account’. The major difference between the two is that accountants generally deal with financial statements to accountants usually deal with records. It is important for accountants to be highly qualified and knowledgeable about the various techniques and systems they use in preparing financial statements and reports. Apart from basic degree courses, accountants can take up Master’s degrees or PhDs for advanced studies in accounting. Most accountants work with large accounting firms or large companies to prepare and maintain their financial statements. Before an accountant can understand the financial statements and reports, he needs to have a broad knowledge of business practice, taxation, mathematics, and ethics. He needs to understand how to collect information, use data, code them, analyze the data, summarize the data, come up with reports, make recommendations, and communicate with other professionals. To help […]
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