Answer Posted / babulu180605

Accounting relates to booking of the historical
transactions of an organisation and it leads to preparation
of Financial Status of the company stating what assets and
what liabilities are held by the entity as on the day when
relevant period (say a year) ends, i.e Balance Sheet. The
profitability is also worked out for that period.

The transactions are entered on routine basis during any
year and thus there is a need to arrange for the Finance
for concluding those transactions. Financial status is
concluded from the Balance sheet, Profit & Loss A/c. Since
business has to rely upon outside financial resources,
these outside agencies depend upon the B/S and P&L of the
organization to draw their conclusions for deciding whether
it is viable to lend or not. The person engaged by the
organization for liaison with the lenders is supposed to
have complete knowledge about B/S and P&L and helps in
making it draw favorable conclusions regarding financial
status of the organization before outsiders. Thus, this way
he arranges finance and thus known as a person looking
after finance of the company. Cost saving is another
function which is looked after by this person. Small saving
in per unit cost of the Raw material may lead to saving of
millions.

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