Accountancy for Class 12

1. accountancyCLASS-12

2. Accountancy Accountancy is the practice of recording, classifying, and reporting on business transactions for a business. It provides feedback to management regarding the financial results and status of an organization.  The reporting aspects of accountancy are considerable, and so have been divided into smaller areas of specialization, which are: Financial accounting. This area is the province of the general ledger accountant, controller, and chief financial officer, and is concerned with the accumulation of business transactions into financial statements. These documents are presented based on sets of rules known as accounting frameworks, of which the best known are Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). Management accounting. This area is the province of the cost accountant and financial analyst, who investigate ways to improve the profitability of a business and present their results to management. Their reports may be derived from the main system of accounts, but may also include separate data accumulation systems, as may be found with activity-based costing systems. Management accounting is not governed by any accounting framework - the structure of the reports issued to management are tailored to the needs of the business.

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