What Is Accountancy? Flashcards
What is accountancy?
The practice of recording, classifying and reporting on business financial transactions
Providing feedback to management regarding financial results & financial status of an organisation
What skills do accountants use?
Maths, accounting, law & finance skills
What are duties that accountants may have?
Determining payroll requirements, maintaining payroll data and processing monthly payrolls
Analysing company budgets and expenditures
Recommending, developing & maintaining financial databases
What are the 6 types of accountancy?
- Public accounting
- Private accounting
- Fiduciary accounting
- Governmental accounting
- Forensic accounting
- Investment accounting
What is public accountancy?
Accounting service to the general public
What is private accounting?
Accounting limited to only a single firm
What is fiduciary accounting?
Accounting carried out by a trustee, executor or administrator
What is governmental accounting?
Works for non-profit organisations or branches of governments
What is forensic accounting?
Looks at issues resulting from actual or anticipated disputes
What is investment accounting?
Accounting for a portfolio of investments such as securities, commodities or real estate
