As you know, accountancy or accounting is a subject matter in the domain of commerce. Accounting, in the general sense, means collection and presentation of data and information. It helps business managers and other decision makers to make resource allocation decisions through the measurement of and provisioning of information.

Accounting is all about the measurement of financial statements or transactions. Non financial transactions are excluded from accounting for materiality principles and conservatism. Accounting tries to construct accurate financial reports that are useful to business managers, regulators and stakeholders ( shareholders, owners, creditors ).
There are different branches of accounting. Some of them are -

1.Financial accounting: Financial accounting is a very old branch of accounting. It is about the financial transactions of a business. It involves processes that records financial information of a business is recorded, later classified and summarized. The information is later communicated to the concerned parties.

2.Cost accounting: An organization is involved with different types of products and activities. Cost accounting involves tracking, registering and analyzing costs involved with them. Costs are the required time and resources. Costs are measured in the units of national currencies.

3.Management accounting: Management accounting is the provisioning and using of accounting information provided to the managers. It assists the managers in management making decisions and managerial control functions. It deals with activities that take place with all the levels of the organization.

4.Project accounting: it deals with the creating of financial reports. It is designed with the aim of tracking the financial progress of a project.

Apart from the above disciplines, other types of accounting  are fund accounting, positive accounting , environmental accounting, cash basis and accrual basis etc. Those who practices accountancy is known as an accountant. Different professional accountant are known by the titles such as Chartered Accountant, Public Cost Accountant etc. Accounting reform measures are taken over the years but the basic principles of accounting have remained the same over the years.