Accountancy is the process of recording, classifying, summarizing, analyzing, and reporting the financial transactions of a business in a systematic and meaningful manner. It involves keeping accurate financial records to provide useful information for decision-making by stakeholders such as owners, management, investors, and creditors. Accountancy helps ascertain the financial results of business activities, including profit or loss, and communicates the financial position of an enterprise through financial statements. It is often referred to as the "language of business" because it conveys vital financial information needed for rational business decisions and regulatory compliance.
