Relationship Between Business And Finance And Accounting

In the world-at-large, Finance and Accounting are often erroneously linked together. As if to say, they are one-and-the-same – a sort of a misnomer, you can say. In conversations concerning both disciplines, the colloquial marriage of both business sectors is as common place as light is to the day. It is true, that to successfully manage a business, both principles must be applied in equilibrium to replicate success in any organized venture; however, their differences are highlighted in training and practice, and are applied in different ways professionally, as well as in one’s personal life. Yadda! Yadda! Yadda! I feel like a boring Accountant describing journal entries and T-Charts! To T-rade or to T-Chart: that is the question, whether tis nobler in the mind to suffer the pangs of Accounting, or the slings and arrows of outrageous fortunes of Finance†¦ a reinterpretation of the famous Hamlet line. Oops! I digressed a bit. Finance and Accounting are held under t he umbrella of Business Management, they are two different disciplines in study and practice. As a Business major with experience in both disciplines, I can understand the difficulty in separating the two fields and their applications. Accounting is carefully recording monetary transactions for analysis and future reporting. It involves the tedious, yet necessary, task of balancing incoming monies for application against outgoing invoices of debt; and managing the value of large purchases, as they lose value overShow MoreRelatedDetermining Financial Viability699 Words   |  3 PagesDetermining Financial Viability Accounting and finance are closely related to a certain extent in which both deal with the financial aspects of a company. Accounting and finance work together in creating â€Å"a company’s budget or working capital analysis† (Wise-Geek, 2012, p. 1). Accounting involves recording of an organizations operations of a business as well as showing the information in the outline profit and loss accounts, which demonstrates the gain or loss of the organizations throughout theRead MoreDetermining Financial Viability715 Words   |  3 Pagesthe difference – Finance and accounting, accounting and finance? Accounting is a necessary input and subfunction to finance (World Academy, n.d.). The treatment of funds and decision making, relate to the primary distinction between accounting and finance. Finance and accounting are not the same, but accounting is concerned with financial records, while finance relies on accounting reports and data base. The future depends on past eve nts as pointers. 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Cost volume profit analysis examines the relationships between changes in activity and changes in total sales revenue, cost and profit. It may provide very useful information particularly for a business that is commencing operations or facing difficult economic conditions.     Ã‚     Ã‚     Ã‚     Ã‚     Ã‚     Ã‚     Ã‚   Strengths     Ã‚   First