Accountancy is the practice of recording, classifying, and reporting on business transactions for a business. It is a subject that accountants primarily need to learn so as to get a grasp on accounting. Accountancy provides feedback to management regarding the financial results and status of an organization. The key tasks of accountancy include recording, classifying, and summarizing financial transactions. The subject mainly deals with the measurement, analysis, and evaluation of the finances of a firm. People who learn accountancy (accountants) are able to read the financial statements of a business or a trader. The financial statements are required to maintain daily records of the day-to-day transactions of the business. Accounting is one of the key functions of almost any business, and it may be handled by a bookkeeper or an accountant at a small firm, or by sizable finance departments with dozens of employees at larger companies. The reports generated by various streams of accounting, such as cost accounting and managerial accounting, are invaluable in helping management make informed business decisions.