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Pashu Pati Nath Neopaney
, Administration officer(Personal and Mechanical) , Gaseb Construction Private Limited
تاريخ النشر: 2013/06/21
Accounting is the methodical or precise recording, reporting, and assessment of financial deals and transactions of a business. Accounting also involves the preparation of statements or declarations concerning assets, liabilities, and outcomes of operations of a business. Finance is a management of assets and liabilities in an efficient way. In a way, they are related to each other and yet they also have differences between each other.
Accounting is an essential part of finance. It is a sub-function of finance. Accounting produces information about the operations of a business. The end-product of accounting is composed of financial declarations such as balance sheets,
One difference is associated with the treatment of funds and the other is associated with decision making.
Another difference between accounting and finance is with respect to their purposes. With accounting, it aims to collect and present financial information. It furnishes constantly improved and easily interpreted previous data, present and future inclinations of the company. Meanwhile, financial director’s prime duty and responsibility associates to financial strategy, managing and controlling, and decision making. Therefore, in a sense, finance starts where accounting ends. therefore answer to the second part of the question is YES
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Muhammad Imran , Corporate Finance and Management accounting tutor , London's Learning
In accounting we summarize all the financial transaction and produce a report for external user and internal users (like in financial accounting) and on other hand in management accounting (only internal users).
In Finance we dealing with future. In broad, financial manager want to reduce the future risk by using various financial techniques. For example in Project appraisal techniques we want to reduce future risk by finding the present value of all future payments. In capital market we dealing with stocks and using techniques to spread the risk (only unsystematic risk). Again in futures and option we want to minimise our unforeseen future risk.