Answer / saroja

hello Chandu & Hemanth,

Half knowledge is too dangerous, please stop giving such
answers on such a platform.

Accounts is the process of regarding Financial transaction
on day to day basics. whereas finance deals with generating
funds and utilizing funds for business on a very broad
perspective.

Answer / aijaz

Accounts have to do with the daily records of financial
activites of an organisation. while Finance is the
maagement of funds ranging from the sourcing for fund to
the usage of fund and also control of cash outflows.

Answer / rana

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.

Answer / vijay

Accounts is the basic part which starts from an ordinary
transaction and accounting cycle,

Then finance part will come as taking decisions like
Financing,Investing,Divident decisions on the babis of
accounting,

That is Accounting is the entry level and finance is the
top level hirarchy to take decisions.
Here when accounting part ends Finance part will start for
ananysis of statememts.

Thanks&Regards,
Vijay

Answer / brijesh r patel

In interview please give very short & specific answer as
they expect

finance is a broad term & account is a narrow term.finance
include sources of fund & application of funds where as
account include record of transactions.

thats all
thankyou

Answer / sandeep kumar

The differece is ...
Accounts is the art of recording , classifying n
summarising the business transactions in a significant
manner in terms of money.

While finance it is the process of lending n borrowing of
funds in the form of short n long term. ( ex. I have taken
a finance from the two wheeler company in the form of loan
(say hero honda showroom) to purchase a bike. Or even we
can say finance as money needed or support the business
enterprise to run the organisation in a smooth manner.

Thank u..

From sandeep.

Answer / kalyan

Accounting is identifying,analazing, recording the day to
day transactions and ends with communicating the financial
information to the management.
finance deals with generating
funds and utilizing funds for business on a very broad
perspective.

Answer / pushkar

i agree with you saroja could you please tell me the
difference between accounts payable & accounts receivable

Answer / bhavana rushi

Accounting is identifying,analazing, recording the day to
day transactions and ends with communicating the financial
information to the management.

Where as finance deals with sourcing of funds, effective
utilisation of funds, borrowing, investiments,analazing the
financial data to help the management in financial decision
making.Infact, the output of accounting is the input of
finance.The output of finance is the input of best
financial desicion making.Best financial decision making
always cause for financial soundness of the entity.

The job of finance starts with the end of job of Accounting.
Finance activity is based on analization and application of
the current activity to the business concern.it involves
calculation, quantification and valuing the financial risk
in different situations in different sectors.

Answer / p.prabhakaran

The following is the distinction between Accounts & Finance:
1) Score keeping Vs Value Maximising:
Accounting is concerned with score keeping, whereas finance
is aimed at value maximising. The primary objective of
accounting is to measure the performance of the firm,
assess its financial condition, and determine the base for
tax payment. The principal goal of financial management is
to create shareholder value by investing in positive net
present value projects and minimising the cost of
financing. Of course, financial decision making require
considerable inputs from accounting. An accountant's role
is to provide consistently developed and easily interpreted
data about the firm's past, present, and future operations.
The financial manager uses these data, either in raw form
or after certain adjustments and analyses, as an important
input to the decision making process".
2) Accrual Method vs Cash Flow Method:
The accountant prepares the accounting reports based on the
accrual method which recognises revenues when the sale
occurs (irrespective of whether the cash is realised
immediately or not) and matches expenses to sales
(irrespective of whether cash is paid or not). The focus of
the finance manager, however, is on cash flows. He is
concerned about the magnitude, timing, and risk of cash
flows as these are the fundamental determinants of values.
3) Certainty vs Uncertainty:
Accounting deals primarily with the past. It records what
has happened. Hence it is relatively more objective and
certain. Finance is concerned mainly with the future. It
involves decision making under imprefect information and
uncertainty. Hence it is characterised by a higher degree
of subjectivity.

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