accounting and accountancyaccountingaccounting involves recording and summarizing an organization's transactions or business deals, such as purchases, and sales, and reporting them in the from of financial statements, in many countries, the accounting or accountancy profession has professional organizations which operate their own training and examination systems, and make technical and ethical rules: these relate to accepted ways of doing things.- bookkeeping is the day-to-day recording of transactions.- financial accounting includes bookkeeping, and preparing fiancial statements for shareholders, and creditors (people or organizations who have lent money to company).- management accounting involves the use of accounting data by managers, for making plans and decisions.