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Accountancy refers to the entire body of the theory and practice of accounting.
In the business world, accounting is one discipline of study that all people, regardless of job position should have some knowledge of.
Accounting is very important to business because it is the base that offers great support to management for planning, controlling, communicating as well as decision making process. That’s the reason it is known as the language of business. Not only business but common people also use accounting in their daily lives, when they study financial statements to make investment decisions, assess interest rates to pay off their house mortgages etc.
Therefore accounting is the most basic framework of business. Without an accounting education, students would be unprepared for the real world.