Finance & Accounting Free Essay Samples & Outline
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Essay on Finance & Accounting
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.
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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.