Accounting vs. Accounts vs. Accountancy

Accounting:
Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business. It involves the preparation of financial statements, such as the income statement, balance sheet, and cash flow statement, to provide stakeholders with relevant information about the financial health of the organization.

Accounts:
Accounts refer to the individual records used to track the financial transactions of a business. These records are categorized into different accounts, such as assets, liabilities, equity, revenue, and expenses. Each account represents a specific aspect of the business, and transactions are recorded in these accounts to maintain accurate financial records.

Accountancy:
Accountancy is the profession or practice of accounting. It involves the application of accounting principles and standards to analyze financial information, prepare financial reports, and provide insights to help businesses make informed decisions. Accountants play a crucial role in ensuring compliance with regulatory requirements and helping organizations achieve their financial goals.
In summary, accounting is the overall process of managing financial information, accounts are the individual records used to track transactions, and accountancy is the profession or practice of applying accounting principles to help businesses succeed. Each of these concepts plays a vital role in the financial management of organizations.