Accountancy, often referred to as accounting, is the process of systematically recording, measuring, and communicating financial information.

It involves:

• Identifying relevant financial transactions and events.
• Measuring these transactions in monetary terms.
• Recording and classifying the transactions.
• Summarizing and interpreting the recorded information.
• Reporting the information to interested users through financial statements and other reports.

Accountancy is essential for businesses and organizations to:

• Track their financial performance.
• Make informed decisions.
• Comply with legal and regulatory requirements.
• Communicate their financial position to stakeholders such as investors, creditors, and government agencies.

For more information, you can refer to: AccountingTools - What is accounting?