Accountancy for Class 12
                     accountancy
CLASS-12
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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