Question

Which of the following best distinguishes accountancy from accounting?

• A. Accountancy only involves cash transactions
• B. Accountancy refers to systematic knowledge and principles, while accounting is the application of this knowledge
• C. Accounting and accountancy are terms for marketing
• D. Accountancy deals with taxation only

Answer 1

Answer:

B. Accountancy refers to systematic knowledge and principles, while accounting is the application of this knowledge

ACCOUNTANCY

• Eric Kohler-Accountancy is the theory and practice of Accounting.

• Accounting relates to applying the knowledge of Accountancy.

• Refers to a systematic knowledge of Accounting concerned with the principle and techniques which are applied in accounting.