whtz the difference between ACCOUNTS & FINANCE?

uzma · 05-13-2004, 10:07 PM

AOA.
im v confused, whtz the difference between Finance & Accounts.
since i hav completed my BS in BUSINESS INFORMATICS. NOW I REALLY wanna proceed in Finance side but im stuck up wid these issues. and i want tu gain perfection in my field. plz help me out and guide me which path tu choose in future for my masterz other than doin simple MBA

derivativetrader · 05-14-2004, 06:17 AM

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AOA.
im v confused, whtz the difference between Finance & Accounts.
since i hav completed my BS in BUSINESS INFORMATICS. NOW I REALLY wanna proceed in Finance side but im stuck up wid these issues. and i want tu gain perfection in my field. plz help me out and guide me which path tu choose in future for my masterz other than doin simple MBA

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MBA-Finance may be a good choice, provided it's from well reputed institution. IBA in Karachi is a good business school. LUMS in Lahore is good too, but not to the extent of the IBA.
Also, IBA has provided some great business / finance professionals, hence you may find it much more useful in the long run.

Best wishes,
DT

derivativetrader · 05-14-2004, 06:20 AM

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whtz the difference between Finance & Accounts.

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I think Finance is something relating with Investments, Stocks, Insurance, Loans etc.

Accounts, however, may be defined as the financial records of the performance of such entities.

Others please correct me, if I am wrong somewhere.

DT

sumaaan · 05-14-2004, 07:50 AM

<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>
AOA.
im v confused, whtz the difference between Finance & Accounts.
since i hav completed my BS in BUSINESS INFORMATICS. NOW I REALLY wanna proceed in Finance side but im stuck up wid these issues. and i want tu gain perfection in my field. plz help me out and guide me which path tu choose in future for my masterz other than doin simple MBA

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In short, Accounting rougly is the 'art of recording' financial quantitative figures which might be later converted into meaningful forms of representations.... These representations might be used to assist in decision making where qualitative factors are taken into consideration.

Finance is technically the commercial activity of providing funds... It is the branch of economics, often characterized with Accounting that involves study of the management of money or money equivalents.

Hence, Accounting and Finance are closely related.

Imran · 05-14-2004, 04:52 PM

Accountancy is related with financial statements which include balance sheet profit and loss and equity
where as finance is related to stock exchange financial instruments like bonds TFCS etc

imran

avais · 05-14-2004, 08:11 PM

AOA AND HELLO
FIRST THING U HAVE TO DO IS TO PROCEED IN UR RELATED FIELD. SECNDLY, WHEN U GO FOR DIVERDIFIED FIELD U HAVE TO DEVELOP A SENSE OF THE SUBJECTS U WANT OT STUDY.IN UR CASE AS UR QUESTIONS REFELECTS THAT U WANT TO CHANGE UR FIELD. IBA KARACHI IS ONE THE LEADING BUSINESS SCHOOLS OR IF U HAVE NO FINANCIAL PROBLEM THEN U GO FOR LUMS.
THIRDLY, THE MAIN DIFFERNECE BETWEEN ACCOUNTS AND FINANCE IS
ACCOUNTS DEALS IN DAY TO DAY OPERATIONS OF THE ORGANIZATION
FINANCE DEALS IN HOW U RUN THE ORGANIZATION AND HOW TO MANAGE DAY TO DAY OPERATIONS.
IF U REQUIRED ANY HELP PLS CONTACT.

ALLAH HAFIZ

AVAIS IQBAL KHAN
[email protected]

jbladeus · 05-15-2004, 03:58 AM

In some organizations, esspecially in govt. organizations, i've observed that they have separate finance and accounts departments. In such organizations, the accounts department is responsible for book keeping and preparation of financial statements, whereas the finance departments are concerned with financial planning, for the forthcoming periods and managing various sources of finance, such as long-term loans or R/F facilities. They are also responsible for liasioning with different finance providers.

________________________
Arrrgh... it sure's gonna be mighty rough sailin' today ... mates!

the_farhan · 05-15-2004, 05:41 AM

salaam all,

ms. uzma, putting the things in the simplest words, accounting is a part of finance. finance is very vast field. it encompasses areas, like, corporate finance, insurance, leasing, actuarial sciences, investment mgmt., shares/bonds, stock exchanges, accounting, etc etc etc

accounting in itself is very broad n diversified field. it is further classified as financial accounting, cost accounting, managerial accounting.

accounting profession mainly deals in audit, taxation, budgeting, record-keeping, financial reporting n many other improtant tasks.

in very large n well organized companies, finance n accounts dept. r separate. but medium/small companies have combined both.

depending upon ur area of interest in business, u can opt for ne option mba, cima, cfa, acca, aca, cia .... etc etc etc

mba(finance) is a good option. i personally recommend it. cima at number-2 ... final decision iz urs.



FARHAN

kris · 06-07-2004, 04:35 AM

Accounting is simply recording or reporting of something to internal or external users. Mostly backward looking.
Finance is simply dicesion making either using accounting internal data or external data. Mostly foward looking.
Bye,

kris