Meaning & Definition of word "Accountancy"

Accountancy

/əˈkaʊn.tən.si/

1. The profession or practice of maintaining financial accounts, preparing financial statements, and ensuring compliance with relevant regulations.
- Example: After completing her degree, she pursued a career in accountancy.
2. The skills and methods related to accounting and financial management.
- Example: His expertise in accountancy helped the company to streamline its financial processes.
3. The system or body of rules and standards governing financial accounts and reporting.
- Example: The accountancy standards have been updated to reflect changes in technology.

From account + -ancy, denoting a state or quality.

public accountancy:

The practice of accounting for a variety of clients, including individuals and businesses.

forensic accountancy:

The use of accounting skills to investigate fraud or financial discrepancies.

cost accountancy:

A method of accounting that focuses on capturing all costs associated with production.

account:

A record of financial transactions.

auditing:

The examination of financial records to ensure accuracy.

ledger:

A book or other collection of financial accounts.

Meaning: Bean counter

Example Sentence: He's a bean counter at a big corporation, handling all their financial records.

Meaning: Number cruncher

Example Sentence: Don't ask him about his work; he's just a number cruncher.