Both Accounting and Finance are important in various fields like education, business, tax, etc. The primary difference between accounting and finance is that while the former has a relatively narrow focus, finance is wide-ranging. Accounting focuses on the day-to-day financial reports and records across the business world. Finance covers an array of specializations in the world of business, economics, and banking.
Let's explore the differences between Accounting and Finance
Accounting
Definition:
Accounting is a recording and reporting of the monetary transactions of business.
● Accounting is a part of Finance
Purpose:
To collect and present financial information.
Branches:
Accounting can be divided into numerous fields including
● Cost Accounting
● Financial Accounting
● Management Accounting
● Tax Accounting
● Auditing
Typical Course Content:
● Budget Analysis
● Auditing
● Tax Accounting
● Financial Reporting
● Risk Management
Careers:
● Auditor
● Budget Analyst
● Forensic accountant
● Tax advisor
● Accounting Manager
Relevant Skills:
● Quantitative Skills
● Strong understanding of business industry
● Specialized knowledge of various accounting topics and techniques
● Awareness of GAAP (Generally Accepted Accounting Principles)
Finance
Definition:
Finance is the science of money management of business.
● Finance is not a part of Accounting
Purpose:
Decision making regarding working capital issues such as cash holding, the level of inventory, financial strategy, credit levels, managing and controlling cash flow.
Branches:
● Public Finance
● Corporate Finance
● Public Finance
Typical Course Content:
● Financial Management
● Corporate Finance
● Risk Management
● Financial Mathematics
● Asset Markets
Careers:
● Financial Consultant
● Financial Trader
● Financial Analyst
● Insurance Officer
● Quantitative Specialist
Relevant Skills:
● Research Skills
● Analytical Skills
● Knowledge of stock market, trade, and investment
● Ability to understand and interpret statistical and numerical data.
A business depends heavily on the sciences of finance and accounting. Understanding their particulars cannot be overlooked for anyone interested in business or public administration.
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