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Accountancy is the subject where students learn the systematic knowledge of theory and practice of Accounting.
Accountancy is concerned with identifying and measuring financial transactions for recording, classifying and summarizing the accounting data and analysing, interpreting and communicating accounting information to the users.
Formal Accounting course is introduced after class 10th of school education where a student is quiet mature to grasp the knowledge of theory and practice of accounting.
Students learn the types of accounts, rules of debit and credit, recording business transactions in primary book Journal, classifying in principal book Ledger, summarizing by preparing Financial Statements.
Accountancy involves financial Accounting, Cost Accounting, Management Accounting, Tax Accounting, Auditing, Accounting Information Accounting, Forensic Accounting, Public Accounting, Government Accounting, etc.
Accounting helps to determine financial performance by assessing income as gross profit and net profit as well as to determine financial position by preparing balance sheet.
The scope of Computerised Accounting is increasing momentum day by day in the modern world.
Various readymade and customized Accounting Software and Online Accounting Sites are available in the market like Tally, Busy, ERP, khata.com, etc.
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