Answer / mahesh

Accounting: Accountant’s (sometimes called: Controller)
primary function is to develop and provide data measuring
the performance of the firm, assessing its financial
position, and paying taxes. The accountant is responsible
for preparing financial statements such as the income
statement, balance sheets, and cash flows. It is normally
passive work, in the sense that, the work has a very
independent nature to it such as preparing forms and
financial statements. It is a good job for people who want
to work independently and are very organized (this is only
a very brief description, if you are interested in
accounting, consult your accounting instructor for more
information).

Finance: The financial manager or consultant places primary
emphasis on decision making. It uses the financial
statements prepared by accountants to make decisions about
the firm’s financial condition and to advise others about
possible losses and profits. In some cases, finance is more
a type of leadership position. A financial manager has to
deal not only with finance, but also with economics,
accounting, statistics, math, and management. For example,
people working with stocks and bonds have to understand and
analyze how the underlying companies are performing. How a
given company is going to perform during recession? Should
they sell or buy stocks or bonds. How a decrease in the
interest rate in England may affect the projects a company
has in that country. Finance also deals a lot with risk.
Derivative securities (options, futures, swaps, etc) are
used to hedge against possible increase in risk. Risk
managers are in great demand everywhere. Most finance
majors find jobs in banks and other financial institutions,
government, real estate, consultant companies, insurance,
investment companies, stock market exchanges, fundraising,
and any firm that needs someone to make financial decisions.

example wrongly financial statments showing vat refund (under Advances) for the finanical year 08-09 , but present assement year after assement by cto given vat refund more than ledger showing balance then decided to every month set off vat payable to vat refund(advance) but more than recoverd compare with company and cto then what is the entry to be take.

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