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Accountancy refers to the process of identification of monetary transaction, their recording, classification, summarization, analysis and then communicating the final results to the end users. Accountancy is a very vital part of the business which keeps a record of all the business processes. It is the accounts department which helps in time to time evaluation of business and helps to draw results about how much profit the business is making or what is the position of the business. The accountancy is the core of the business which helps in development and proper management.
Accounting in a wider sense comprises of three fields, namely,
- Cost Accounting
- Financial Accounting
- Management Accounting
Cost Accounting: Cost accounting is that branch of accounting which deals with the costing of products, services and processes of business. It is the cost that ascertains the proper amount that business is supposed to earn so as to cover the costs. Costing helps in proper allocation of costs to the production and service sector and also helps in controlling the cost. It is one of the critical areas of business.
Financial Accounting: Financial Accounting means that branch of accounting which deals with the finance in the business. It takes into consideration all the transactions which can be measured in Monetary value. It shows the profit and loss earned or incurred by the business. This accounting branch helps in the determination of the business process's earning capacity and determining the market positioning of the business. The basic accounts formed in this branch are: Profit & Loss A/c and Balance Sheet.
Management Accounting: Management Accounting is that branch of accounting which studies the managerial efficiency of the business. Management Accounting focuses on the measurement, analysis and reporting of information that can help managers in making decisions to fulfil the goals of an organization. In management accounting, internal measures and reports are based on cost-benefit analysis. The decisions regarding the management need to be taken very carefully because that is what runs the business.
Finance: Finance is the study of investments. It deals with the dynamics of assets and liabilities and works on them on the basis of risk and uncertainty factor.
Finance is the art or the science managing the investments. It deals with the investment portfolios. Finance deals in various fields like cash management, checking the optimal capital structures for different businesses or projects, studying the working capital management of different businesses, investing in shares, controlling the stock exchanges and the cost of capital being employed in the business etc.
Areas of Finance:
1. Personal Finance: The personal finance deals with the financing issues of a person at a personal level. It deals with various situations like:
- (i) Meeting of unforeseen contingencies in future,
- (ii) Taking Loans for personal purposes,
- (iii) Transfer of wealth from generation to generation,
- (iv) Effect of Tax Policies etc.
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Thus the personal finance covers the financial obligations faced by a person on an individual level only.
2. Corporate Finance: Corporate Finance means dealing of the financial issues by a company or a business firm for the proper running of the business or company. Proper professionals are hired to look into this matter. It deals with situations like:
- (i) Borrowing of loan from banks,
- (ii) Deciding investing procedures,
- (iii) Deciding of dividend policies to payout dividends,
- (iv) Deciding the source of income to look after expenses and decide when to raise money, how to raise money and from whom to raise money.
Finance is considered to be the lifeline of any business. If it is not properly managed the business might fail and become bankrupt.
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3. Financial Services: The borrowing and lending money procedure amounts to be an important part of the Finance. When a firm has an excess income i.e. Revenue exceeds expenses; the firm will lend or invest this money to earn some interest. Similarly, if the firm is in losses it will borrow some money from outside to finance its functions. Thus this is a way of financing each other and forms a part of financial services.
4. Public Finance: This area of finance deals with the borrowing of money by the public institutions, government etc. Such finances are for a long period of time and are done from public. The public invests its amount in the organization and reaps back the advantages in form of interest.
Accounting Vs. Finance
|Definition||Identification of monetary transaction, their recording, classification, summarization, analysis and then communicating the final results to the end users||It deals with the dynamics of assets and liabilities and works on them on the basis of risk and uncertainty factor.|
|Purpose||Measuring, preparation, analyzing, and interpretation of financial statements. To collect and present financial information.||Cash management, checking the optimal capital structures for different businesses or projects, studying the working capital management of different businesses, investing in shares, controlling the stock exchanges and the cost of capital being employed in the business etc.|
|Goal||To see how the company is performing, to monitor day to day accounting operations, and for taxing.||To forecast the future performance of the business.|
|Tools||Balance sheets, profit and loss ledgers, positional declarations, and cash flow statements.||Performance reports, ratio analysis, risk analysis, estimating break evens, returns on investment, etc.|
|Determination of funds||Funds are determined on Accrual Basis.||Funds are determined on cash basis.|
|Dimension||Accounting is a broader concept than finance.||Finance is a narrower concept.|
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