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What is the difference between accounting and finance? The major difference is first of all accounting is an art while finance is a science. Accounting is the art of identifying, recording and reporting financial information of business transactions while finance is the science of spending or investing of funds effectively. The accounting information is useful to the users to help them understand the financial position of the business while finance is useful to help predict future performance of the business.
Accounting has four branches from it while finance has three branches from it. Accounting is as a result of finance while finance is not as a result of accounting. Accounting uses tools like balance sheet and income statement in its execution while finance uses tools like capital budgeting and ratio analysis.
Organizations vision and mission helps in strategic planning and decision making process. Therefore, an organization vision and mission does influence it financial management and accounting practices. This is because with the vision in place the financial management will aid at ensuring the future finances of the business are at par with the vision so as to achieve and maintain the business ideologies.
The mission statement helps the organization to maintain survival in terms of their finances and their financial position so that they do not fall into bankruptcy. It ensures there is growth in the business this is due to increase in the current assets. It also ensures there is profitability and long term financial goals are higher than those of their competitors.
Dechow, P. M., Kothari, S. P., & Watts, R. L. (1998). The relation between earnings and cash flows. Journal of accounting and Economics, 25(2), 133-168.
Lapsley, I. (1999). Accounting and the new public management: instruments of substantive efficiency or a rationalising modernity?. Financial Accountability & Management, 15(3‐4), 201-207.
Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. (2002). Investor protection and corporate valuation. The journal of finance, 57(3), 1147-1170.
Zietlow, J., Hankin, J. A., & Seidner, A. G. (2011). Financial management for nonprofit organizations: policies and practices. John Wiley & Sons.
Accounting is the branch of business that is aimed at communicating financial information in an easily understandable way. However, for the accounting information to stay relevant and make it useful, accounting has to follow the twelve fundamental principles. The twelve principles form the basis for the Generally Accepted Accounting Principles (GAPP). Therefore, with the use of the twelve principles, any learned accountant does not need to use guesswork or assumptions to determine the meaning of the numbers. The accounting principles include entity, cost, going concern, money-measurement, objectivity, dual aspect, and time period. The remaining five principles are realization, conservatism, matching, materiality and consistency (Wild & Chiappetta, 2011, 68). There are four fundamental concepts that can be connected to the study of accounting. The first is the accruals concept that states that expenses and revenue should be recorded on occurrence, not when money is paid out or received. Consistency concept states that the selected accounting method should be used in all cases unless there is a reason not to use the selected method.
Going concern states that the business for which the accounts are being prepared needs to be in a good condition and focuses on a successful future. Lastly, the prudence concept agrees that revenues and profits should only be recorded when there is certainty of receiving them or if they have been already been received. The accounting equation is counted that the total assets should be equal to total liabilities together with the equity of the owner of the business (Wild & Chiappetta, 2011, 35). Total assets refer to things or machinery that the company can be said to own. Liabilities, on the other hand, refer to the amount the company owes to others. The equity of the owner of the business is the amount left after liabilities are deducted from assets. An accounting period refers to a certain timeline for which the financial books have been prepared. Financial statements are either daily, weekly, monthly or annual reports that are meant to outline the financial activities of a business. Financial statements are used to give financial information of the entity in question, in a clear and concise manner that both readers and the entity can understand.
For an individual with an accounting education, three of the career options that such an individual can choose are being a public accountant, management accountants and internal auditors and auditors. A career in public accounting involves one being engaged in tax functions and auditing. As a public accountant, one can decide to work for a firm or be a single entity serving his or her customers. Excellence in one’s job position can lead to an individual being promoted up to the level of a supervisor, manager or even partner of a firm. Management accountants, on the other hand, mostly start off as trainees for accounting positions, junior internal auditors or cost accountants. However, with time an individual is supposed to prove that they have skills and that their job position should be elevated. Internal auditors are tasked with the developing internal controls, calculating compliance audits and establishing accounting information systems.
Management accountants need to work hard to ensure that they are promoted through the ranks to top job positions. A hard-working management accountant can be promoted to an accounting manager, a budget director, and a chief cost accountant or as a manager of internal auditing (Wild & Chiappetta, 2011, 89). However, for an individual to be promoted to such a position, they need to show exemplary skills not present in the other workers. An individual is recommended to have a bachelor’s degree in accounting, experience that runs for about two years and professional licensing is also another recommendation. The focus in such an organization is to use reports to make the right decisions and create perfect plans. A management accountant is also supposed to be in charge of regulatory agencies, providing stockholders with reports and tax authorities. In conclusion, the world of business and in specific accounting offers quite a number of employment opportunities for individuals with knowledge in the field.
Wild, J. J., Shaw, K. W., & Chiappetta, B. (2011). Fundamental accounting principles. New York: McGraw-Hill Irwin.
Mathematics has permeated virtually all the aspects of life in the modern world. In a sense, this has made our lives easier in ways that we fully appreciate. This article examines the personal and professional aspects of our lives that have been greatly influenced by math.
Keywords: Business mathematics, Black-Sholes formula, calculus.
A lot of activities that go about in our places of work employ various levels of mathematical principles ranging from the very basic mathematical concepts to the complex principles that require a deeper understanding of math. Below are some domains that require mathematical skills.
Analysis of two ways in which mathematics affects my world of business.
Financial Planning – most people are aware that strong financial skills and knowledge are required by financial experts. On the elementary level, financial planning involves simple budgeting which aims at releasing extra cash that can be invested. Individuals with strong mathematical skills can understand complex analyses of patterns and equally grasp the concepts of various investments instruments. A financial planner with good mathematical acumen will therefore be in a good stead to give sound investments options with regards to the options which have a higher potential for success (Jamson, 2014).
Banking – the banking sector applies lots of mathematical concepts since in banks the main activity that goes on is counting. Mathematical principles are applied in various facets of banking such as risk assessment, policy formulation, daily accounting operations, economics, trends and predictions (stochastic calculus or Black-Sholes formulae), and interest calculations (Macwan, 2017).
Analysis of how mathematics can solve everyday problems in my personal life.
Personal budgeting – to survive in the modern economy, proper personal budgeting is necessary for the simple exercise of managing the money in our hands. Simple mathematical concepts like addition and subtraction will suffice for an average person who wants to calculate his [or her] monthly expenditures and thereby understand how much money can be budgeted with within a given period.
Home improvement - for those who carry out repairs in their homes or undertake remodelling projects occasionally will attest to the relevance of understanding math in such situations can help the homeowner save significantly. Knowing how much one spends on bills like electrical bills can easily be calculated based on the consumption ratings on the appliances used. By knowing the rating, one can calculate the amount of power consumed and make the necessary adjustments to suit his [or her] budgetary allocations.
Analysis of how mathematics can solve everyday problems in my chosen career.
For those who have careers in the legal field, business mathematics comes in handy in several ways. When lawyers handle divorce or separation, there are monetary aspects of these proceedings that are normally addressed. For example, during a divorce, there is usually a workable formula based on business mathematics on how, for instance, alimony will be paid, or how the properties will be shared among the couples (Bird, 2016).Also, during a separation, it’s incumbent on the lawyer to decide, basing his/her facts and arguments, on mathematical principles. Property issues are settled on the principles of equitable distribution if the couples cannot willingly reach an agreement. Other issues that are decided on include child and spousal support.
Law enforcement officers also incorporate a lot of math in data extraction which they can then analyze for information on various aspects like trends and patterns. This allows the officers to be proactive instead of reactive (Boutselis, 2015).
Surprising aspect about mathematics
The applicability of mathematical principles in many of our day-to-day activities is a rather interesting phenomenon. From the work that we do to the appliances that we use to make life easy, and even the way we interact with each other, are inherently guided by principles that have mathematical connotations.
Bird, B. (2016, September 4). The Termination of Marriage & a Legal Separation in Oklahoma. Retrieved from Legalzoom: http://info.legalzoom.com/termination-marriage-legal-separation-oklahoma...
Boutselis, P. (2015, November 4). Mathematics Applied: Modern Applications of Math in Law Enforcement. Retrieved from Southern New Hampshire University: http://www.snhu.edu/about-us/news-and-events/2015/11/mathematics-applied...
Jamson, C. (2014, October 16). How Strong Mathematical Skills Help Build A Successful Career In Financial Planning. Retrieved from LinkedIn: https://www.linkedin.com/pulse/20141016090027-1247061-how-strong-mathema...
Macwan, G. (2017, March 30). Relevance of Mathematics in Banking Industry. Retrieved from Jagran-Josh: http://www.jagranjosh.com/articles/relevance-of-mathematics-in-banking-i...
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