If you are interested in an accounting, bookkeeping, management or finance career, or if you have already begun your education in one of these fields of study, you have undoubtedly come across two related but distinct terms: accounting and accountancy.
Many people use the terms interchangeably, but there are some important differences. In broad terms, accountancy covers the principles that guide the creation and use of financial records, while accounting refers to the process of maintaining those records. Accountancy can cover areas such as forecasting, budget planning and cost analysis, which are important concepts for those who want to be executives and business managers.
Here is a closer look at accounting and accountancy and their relevance to business professionals.