What is Accounting
The process of preparing and presenting of account is called accounting.
In other words we can say that, it is the process of recoding, classifying and summarizing of all business transactions. It is an act of putting such knowledge in practically.
The process of preparing and presenting the book of account is called accountancy.
In other words we can say that, it is also an act of putting such knowledge in theoretically. It tells how to maintain accounts. It provides theoretical concepts and techniques for maintaining accounts.