In today's contemporary society everyone is accountable to someone. A large percentage of this accountability is financial accountability. The average person must work to a budget in their private life as well as in their professional life, through periods of illness and unemployment on into their retirement. This personnel budget is not the only way they are affected by financial accountability during these periods. The company the individual works for must work to a budget, the government who pays unemployment benefit, disability pay and pensions must also work to a very tight budget and are in theory financially accountable to the taxpayers.
Accountancy is evolving all the time, which, means trying to define it is almost impossible. In general terms accountancy is both a science and an art. It is a complicated process prepared for interested users. Accounting is concerned with the provision of information in financial terms that will help in decisions concerning resource allocation, and the preparation of reports in financial terms describing the effects of past resources allocation decisions.
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