Taking the idea of comparison/contrast as a strategy. Compare and Contrast the difference between Finance and...

Question

Question

Taking the idea of comparison/contrast as a strategy. Compare and Contrast the difference between Finance and Accounting.

Answer 1

Answer #1

Answer: Difference between Finance and Accounting:

Points	Finance	Accounting
Definition	It is the arrangement and management of money that includes investing, lending, budgeting, forecasting etc.	It is the systematic recording of financial items of the business in the books of accounts.
Flow of money	It focuses on broader picture of money that includes sources of funds and uses of fund.	It focuses on day to day operations of business, that includes monetary transaction.
Financial statements	Are analyzed and evaluated under Finance.	Are prepared on the basis of principles and standards.
Focus	Insight, In depth Analysis	Accuracy, Reliability, Transparency
Basis	Analysis based	Rules and principle based
View	Forward looking, forecasting, decision making.	Backward looking, cross checking the items.
Qualification needed	MBA, FMVA	CPA

Answer 2

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