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What is exact difference b/w Accounts and finance
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Answer Posted / charu
Finance means the study of different ways in which
individuals, businesses and organisations raise and
allocate monetary resources and use the same for business
purposes keeping the risks involved in mind.
The activity of finance is the application of a set of
techniques that individuals and organisations use to manage
their financial affairs, particularly the differences
between income and expenditure and the risks of their
investments. There are different categories in which
finance could be distributed, like personal finance, public
finance and corporate finance.
Accounting on the other hand is the measurement, disclosure
or provision of assurance about financial information that
helps managers, investors, tax authorities and other
decision makers make resource allocation decisions.
Financial accounting is one branch of accounting and
historically has involved processes by which financial
information about a business is recorded, classified,
summarized, interpreted, and communicated. There are
different categories in which accounting can be
distributed, like cost accounting, financial accounting,
internal and external accounting, etc.
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