ABSTRACT
Accountancy is the process of analysing, classifying and recording transactions and operations in terms of time, quantity or money an effort which lacks force but is not without merit. Accountancy is the art of expressing in terms of value, the observable physical phenomena of a business; it is a mirror which reflects both the movement of money or money's worth and the static situation of invested money at moments in time; it is both dynamics and statics; its traditional mechanism is double-entry book-keeping. If accountancy is to mean anything at all its job is to trace the physical movements of cost in the labyrinthine stages of manufacture and selling. Debits and credits will express motion, and balances will express the static physical situations in the manufacturing shops and warehouses of the company. 'Accountancy' without institutional caste or artificial barriers emerges, 'Accountancy', simple and realistic, one and indivisible.
