A F Indi Assig

Topics: Financial statements, Finance, International Financial Reporting Standards Pages: 9 (2179 words) Published: June 20, 2015
Table of contents

1.0 Introduction………………………………………………………………………..2 2.0 Difference between Accounting and Finance in terms of Education……………...2 3.0 Difference between Accounting and Finance in terms of Jobs……………………3 4.0 Difference between Accounting and Finance in terms of Software……………….3 5.0 Difference between Accounting and Finance in terms of Ethics………………….6 6.0 Conclusion…………………………………………………………………………7 Reference………………………………………………………………………………8

1.0 Introduction
Accounting and finance play an important role in the business world, whether it is a big or a small business. Without a proper of control and manage of accounting and finance could lead to a serious fail. However, if you can properly manage the accounting and finance it will helps to keep the business under control. While many similarities live between the finance and accounting career fields like manage the money of the operation, but they are used for two very different purposes. Because account managenent and financial management work together for the business, people often misunderstood that the two are the same things. The role of accounting is to analyzes the past performance and the expenses of the comapany. For example, record all the business transaction and present it in a from of income statement to show profit or loss and also prepare statement of financial position which show the financial position of the company at a specific date. This information is then used by financial managemnet to make decisions about the future.To make it clear, accouting is part of finance and finance has a much broader object than accounting. Both of this carrer work for a comapany with the goal of maximizing the value of the corporation while minimizing risk.

2.0Difference between Accounting and Finance in terms of Education Accounting can be defined as preparation of records, where finance is defined as the management of assets and liabilities, which are based on the current information available for the operations to run successfully in future (Radebaugh, Gray and Black, 2006). The main purpose of accounting in education is to prepare measure, analyze and interpret information in the financial statements; however, it also helps in collecting and presenting the financial information. At the same time, purpose of finance in education is to make decisions regarding issues in working capital, which includes inventory, holding of cash, level of credit to be maintained, financial strategy, maintaining cash flow requirements (Brealey, 2012). Accounting goal in education is to see how the organization is performing and to monitor the performance from day to day and year on year onwards and finance deals with the prediction of future based on the basis of present information (Zimmerman and Yahya-Zadeh, 2011). Accounting tools used in education are balance sheet, profit and loss statement, and cash flow statement; whereas, finance tools used in education are ratios analysis, performance report, return on investment and risk analysis (Glyn, 2007). As per the past researches, the skills required from professionals in accounting and finance disciplines are similar and are listed below: The Specialized Way: Finance experts need specialized skills for upcoming events with progressions in accounting systems and advancements in legislations. Undertaking expert courses on subjects, for example, money related reporting, regulation, IT, expense and IFRS helps in developing specialized skills (Beck and Demirguc-Kunt, 2006). Review and Consistence Abilities: Accountants work in consistency and audit will see expanded open doors as organizations make moves to guarantee they stay in accordance with improved administrative requirements (Agrawal and Chadha, 2005). Item and Valuation Control: Those with skills of leadership, individual’s administration, and directional experience are particularly looked in both new and changing venture of...

References: Agrawal, A., and Chadha, S (2005). Corporate Governance and Accounting Scandal. Journal Of Law And Economics, 48(2), pp. 371-406 [Online] Available at: http://bama.ua.edu/~aagrawal/restate.pdf [Acessed: 10th October, 2014]
Barth, M. E., Landsman, W.R., and Lang, M/H/ (2008). International Accounting Standards and Accounting Quality. Journal Of Accounting Research, 46(3), pp. 467-498. [Online] Available at: http://onlinelibrary.wiley.com/doi/10.1111/j.1475-679X.2008.00287.x/full[Accessed: 11th October, 2014]
Beck, T., and Demirguc-Kunt, A. (2006). Small andMedium-Size Enterprises: Access To Finance As A Growth Constraint. Journal Of Banking & Finance, 30(11), pp. 2931-2943. [Online] Available at: http://www.sme-egypt.com/Documents/Finance/Small and medium-size enterprises Access to finance as a growth constraint.pdf [Accessed: 9th October , 2014]
Brealey, R.A. (2012). Principles Of Corporate Finance. Tata mcgraw-Hill Education.
Coval, J.m Jurek, J., Stafford, E. (2009) The Economics Of Structured Finance. The Journal Of Economic Perspectives, pp. 3-26. [Online] Available at: http://www.ssc.wisc.edu/~mchinn/coval_structured_JEP.pdf [Accessed: 10th October, 2014]
Glyn. A. (2007). Capitalism Unleashed: Finance, Globalization, And Welfare. Oxford: Oxford University Press.
Lamabert, R., Leuz, C., and Verrecchia, R. E. (2007). Accounting Information, Disclosure, and The Cost Of Capital. Journal Of Accounting Research, 45(2), pp. 385-420 [Online] Available at: http://onlinelibrary.wiley.com/doi/10.1111/j.1475-679X.2007.00238.x/abstract [Accessed: 10th October, 2014]
Levine, R. (2005). Finance and Growth: Theory and Evidence. Handbook of Economic Growth, 1, pp. 866-934. [Online] Available at: http://thannaletchimy.webs.com/Topic%201.pdf [Accessed: 11th October 2014]
Radebaugh, L. H., Gray, S. J., and Black, E. L. (2006). International Accounting and Multinational Enterprises. New York: Wiley.
Zimmerman, J. L., and Yahya-Zadeh, M. (2011). Accounting For Decision Making Control. Issues In Accounting Education, 26(1), 258-259. [Online] Available at: http://aaajournals.org/doi/pdf/10.2308/iace.2011.26.1.258 [Accessed: 10 October 2014]
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