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Question: What is the difference between finance and accounts?
most of the companies having a different section like finance and accounts. why they aren't had only single section neither finance nor accounts?

Answer: Finance:It is the branch of economics that studies the management of money and other assets.In simpler terms it can be defined as the commercial activity of providing funds and capital.It addresses questions like -- what funds are required by the org? How they can be raised? How they have to be allocated etc<br><br>Accounts: It is the occupation of maintaining and auditing records and preparing financial reports for a business. Accounts provides quantitative information about finances. It addresses issues like what amount of funds have been allocated to various activities, how the book-keeping is being done etc<br><br>Both functions are distinct but complimentary to each other.<br><br>Finance and accounts are highly specilized and distinct areas and hence most organizations have seperate sections of finance and accounts.<br>



Category Accounts Receivables Interview Questions & Answers - Exam Mode / Learning Mode
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Question: What is the difference between finance and accounts?
most of the companies having a different section like finance and accounts. why they aren't had only single section neither finance nor accounts?


Answer:

Finance:It is the branch of economics that studies the management of money and other assets.In simpler terms it can be defined as the commercial activity of providing funds and capital.It addresses questions like -- what funds are required by the org? How they can be raised? How they have to be allocated etc<br><br>Accounts: It is the occupation of maintaining and auditing records and preparing financial reports for a business. Accounts provides quantitative information about finances. It addresses issues like what amount of funds have been allocated to various activities, how the book-keeping is being done etc<br><br>Both functions are distinct but complimentary to each other.<br><br>Finance and accounts are highly specilized and distinct areas and hence most organizations have seperate sections of finance and accounts.<br> Source: CoolInterview.com


Finance is the Pre mortam study of the organizations fund or asset requirement, whereas accounts is the post mortam job of recording what has happened. Source: CoolInterview.com

Answered by: abhisek Chatterjee | Date: 5/27/2008 | Contact abhisek Chatterjee Contact abhisek Chatterjee

account means summary of business transactions where it will be usefull for every business<br><br>finance involves budjeting expenses,tax ,planning , decession making were deeply involved<br> Source: CoolInterview.com

Answered by: ravindra | Date: 3/23/2009 | Contact ravindra Contact ravindra

?
Finance: it is an economic activity. it involves managing the funds, how to raise the funds & its allocation in different departments like production, marketing, hr etc.it includes all activity related to money and management of money. it tells how business can raise funds where it can be used.

Accounting: it is an art of keeping the records of all transactions took place in the business activity. this is the art of recording classifying summarizing analyzing so that we can analysis the performance of company.


Source: CoolInterview.com

Answered by: Sanjay Shivhare | Date: 7/8/2010 | Contact Sanjay Shivhare Contact Sanjay Shivhare

accounts means recording classifying and summarising the data that the money and moneys worth which in part business transactoins.
finance means analysing and interpreting the results Source: CoolInterview.com

Answered by: vamsi | Date: 7/12/2010 | Contact vamsi Contact vamsi

Finance means funds from the sources and utilise the source in right place at right time.and to prepar right budget.


Account means keeping the record after the transaction is complited.Finance is the base thing of accounting.


In small scale industries there has no probblem to maintain both finance & account in one depatment
But in large scale there has so much problem to handle both has one department.

hence most organizations have seperate sections of finance and accounts.


Source: CoolInterview.com

Answered by: A.Balajee.Rao | Date: 7/30/2010 | Contact A.Balajee.Rao Contact A.Balajee.Rao


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