Business Conversation Questions are widely used in speaking activities as pair interview or group discussion.

What is accounting?

The American Institute of Certified Public Accountants (AICPA) offers a technical definition for accounting, The AICPA defines accounting as “the art of recording, classifying, and summarizing, in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof.” The first phase of this process is often assigned to bookkeepers, as accounting typically starts when financial information has already been recorded and organized. These financial records are used by accountants, financial analysts and other professionals to analyze business performance and expenses, summarize cash flows and revenue streams, interpret financial data and help key decision-makers maximize future investments.

What is accountancy?

In the most basic sense, accountancy is the “profession or duties of an accountant,” according to the Oxford English Dictionary. This includes measuring, processing and communicating financial information, managing detailed financial records, preparing tax documents and keeping track of an entity’s economic resources. In popular usage, however, accountancy is a way to distinguish professional degrees from those focused on the academic side of the field, such as a Master of Science in Accounting. Accountancy, therefore, is often an umbrella term that encapsulates several areas of real-world financial statement management, including preparation, compilation and review.

From Business Vocabulary in Use 

Example Conversation Questions:

What does accounting involve?
How is a company’s transaction recorded?
What is the difference between accounting and accountancy?
How do the professional organizations operate their own training and examination systems?
How important is setting technical and ethical rules?
What is bookkeeping?
What are the benefits of bookkeeping?
How is bookkeeping done in your company?

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