What is the difference between accounting and finance

Question

Accepted Answer

Accounting focuses on recording and reporting financial transactions, while finance deals with managing assets and liabilities.

Accounting involves recording, classifying, and summarizing financial transactions.
Finance involves managing assets, liabilities, and investments to achieve financial goals.
Accounting provides historical financial information, while finance focuses on future financial planning and decision-making.
Accounting is more about compliance and accuracy, while finance is more about strategy and analysis.
Examples: Accounting includes preparing financial statements, while finance includes budgeting and forecasting.
Both accounting and finance are essential for the financial health of a business.

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