Are you an under-graduate, in College, Bachelors or under-taking your Post graduate studies and need someone to help write your essay or research? We offer premium quality essay writing help. All our papers are original, 0% plagiarized & uniquely written by our dedicated Masters specialists. My Essay Services is an experienced service with over 9 years experience in research writing of over 97,000 essays over the years. You will receive a plagiarism check certificate that confirms originality for any essay you order with My Essay Services. Fill the calculator on your right to begin placing your order now!
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.
Write My Paper
Cheap Essay Writer
Write my Essay
Research Paper Help
Pay for Homework
Do My Homework Online
Pay for Homework
Pay for Research Paper
Do My Essay for Me
Pay for Essay
College Papers for Sale
Do My Homework for Me
College Essays for Sale
Buy Research Papers Online
Buy College paper
Client: "(Berlin, G.K., CA)"
Topic title:"Leadership shortfalls in Blue Chips"
Pages: 5, (APA)
" Awesome, the writer delivered it as required by the professor. They also sent me a plagiarism & grammar report Wow!. I was worried about how the essay would turn up but this is exactly what wanted. Thank you and will be back with a longer essay"
Accounting Research Papers
Business Research Papers
Communication Research Papers
Computer Science Research Papers
Economic Research Papers
Film Studies Research Papers
Finance Research Papers
Geography Research Papers
Psychology Research Papers
Political Science Research Papers
Nursing Research Papers
World Affairs Essays