What Is the Relationship Between Accounting and Financial Management

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Finance and AccountingIntroduction

Finance deals with money management, while accounting assesses financial deals and activities. To define both of them precisely, Finance is the process of money management that deals with the flow of money through an organisation. On the other hand, accounting is the process of recording, reporting, and evaluating the financial deals and transactions of a business. It helps prepare statements or declarations that concern assets and liabilities and the outcome of business operations.

What is the Relationship Between Finance and Accounting?

Finance is the branch of accounting and hence they are interrelated to each other. Accounting analyses the historical transaction of organizations and prepares financial statements on the basis of this information and data. It states what assets and liabilities are held by a company by presenting a balance sheet.

Here are a few ways how finance is related to accounting: 1. Accounting prepares financial statements and keeps the record of financial transactions, liabilities, and assets of an organization, and finance makes investment decisions by evaluating these records and data.

2. Financial management includes the planning and control of all financial activities, while management accounting deals with the internal management of finance.

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3. The financial manager evaluates the accounts statement, prepares additional data and makes a planned decision.

4. A good financial management is the outcome ofa good accounting Why do students need finance assignment writing services?

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