Accountancy: the art of maintenance of books of accounts

The first word which an account professional is read is "Accountancy" i.e. "Accounting system". This is the base of all the lessons which an account professional has to learn. The word Accountancy is containing a vast topics such as number of books , statements etc. So many transactions are made is every business be it a small business or a big business house and it is not possible to remember every transaction in mind so it can be said that accountancy is developed as an art to properly record every transaction on papers in such a manner which is according to the rules prescribed for this and a summarised and classified observations may be obtained as and when required for the purpose of taxation, audit and future planning for the growth and beneficial modifications in the policies of the business. This is the preliminary type of accounting system, at advanced stage so many other accounting methods such as Financial accounting, Management accounting, Corporate accounting and tax accounting etc are also needed to be learnt but the base of all the accounting system is that we have discussed above.