iQuest Science and Commerce Academy provides the best accounting classes. Accounting is a much broader field of study. Accountancy is defined as "the profession or business of an accountant". In other words, an accountant's job description is accountancy. To comprehend the meaning of accounting, we must first comprehend the functions of an accountant. An accountant is in charge of keeping the books of accounts in order. This entails summarising, categorizing, and recording financial transactions. Accountants prepare financial statements after the books of accounts have been closed. They are the documents that show a company's financial situation at the end of the fiscal year. The balance sheet, profit and loss account, cash flow statements, and fund flow statements comprise the financial statements.
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