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Thanks for your invitation there are lots of difference between accounting and finance but few of them are as under.
DIFFERENCE:
1. Finance has very broad meaning..Finance is the monetary resources that a person, organization and different businesses used to generate profit . Accounts are the parts of finance whereas finance means the analysis of cost and fund for future requirements.
2. Scope of finance is greater than accounts.
3. Accounting on the other hand is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and other decision makers make resource allocation decisions.
4. One difference is associated with the treatment of funds and the other is associated with decision making
Finance :- Related to Funds.
Accounting :- Art of recording the transactions related to business...
you are managing your fund and invest in different portfolios,projects and money market to generate the profit . this is called finance and to record the transaction to see the position of your investment is called accounting.
Accounting: primary function is to develop and provide data measuring the performance of the firm, assessing its financial position, and paying taxes. The accountant is responsible for preparing financial statements.
Finance: primary emphasis on decision making. It uses the financial statements prepared by accountants to make decisions about the firm’s financial condition and to advise others about possible losses and profits. In some cases, finance is more a type of leadership position. A financial manager has to deal not only with finance, but also with economics, accounting, statistics, math, and management.
The difference between the accounting and financial:
1-Accounting provides the data necessary to measure the performance of the company and assess the financial position and determine taxes.
They are either financial interest to maintain the company's liquidity and access to current assets and fixed to achieve the company's goals.
2-Accounting spend most of their times for data collection and display
Whereupon either financial assessment of the financial statements prepared by the accountant. And adds other data needed, and the financial management in making decisions based on analysis of data
3-accounting based on their work on the basis of merit, and financial rely on cash flow.
4-accounting work is in registration Interior depends on internal information, either financial work begins in terms of the ends accountant and cares planning and control
Financial Activities are meaningful only with the Accounting aspects of it.
All financial activities need not necessarily meant for accounting in general and common unless it comes under the purview of an entity coming under a regulatory to monitor.
On the other hand All accounting activities are based purely on Financial Activities
Accounting is collecting information, recording the transaction, transferring to ledger and preparing the reports helpful for external and internal users and it focuses mainly on the past transaction.
while Finance is wider than accounting in the concern since it looks sometimes to the future and manage the ways of finance providing funds, analyzing the statements, taking decision about the future of the company like the liquidation, inquisition or merge, investing decisions, financing decisions
AGREE WITH MR SARA
