Luca Pacioli is known as father of accounting; he wrote the first published accounting work in 1494 AD.
Eugene F. Fama is known as father of modern finance.
He is the most cited researchers in economics.
His research is well known in both the academic and investment sectors.
Finance was the part of economics till beginning of 19th century.
At the beginning of 19th century, finance came out as separate subject or field.
In this way, accountancy is older than finance for study.
We study theoretical as well as practical knowledge in both accountancy and finance.
The main work of accountancy is to record monetary transactions.
These transactions are recorded in financial statements like journal entries, ledger, trial balance, income statement and balance sheet etc.
Finance examines and analyses these financial statements to take rational financial decisions.
Here, Accountancy and Finance are interrelated.
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Accounting Equation |
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Basic Journal Entries in Nepali |
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Basic Journal Entries |
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Journal Entry and Ledger |
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Ledger |
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Subsidiary Book |
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Cash Book |
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Trial Balance & Adjusted Trial Balance |
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Bank Reconciliation Statement (BRS) |
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Depreciation |
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Final Account: Class 11 |
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Adjustment In Final Account |
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Capital and Revenue |
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Single Entry System |
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Non-Profit Organization (Non-Trading Concern) |
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Government Accounting |
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Goswara Voucher (Journal Voucher) |
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If you want to study accounting, you can expect to take classes in accounting practices and accounting ethics, business law, tax law and accounting theory.
If you want to study finance, you will likely spend some time on macroeconomics and international finance in your classes as well as on financial engineering and corporate finance.
There are different options for accounting like bookkeeper, accountant, tax manager, fund accountant, valuation analyst, financial reporting accountant, auditor, chartered accountant etc.
All above mentioned accounting professional have to submit their report to company’s chief financial officer.
Finance has limitation of profession but post is higher than accounting profession.
Career in finance could be a financial analyst, investment banker, financial examiner, personal financial advisor or money manager etc.
Banking and insurance underwriting are also open to finance majors.
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Share (Accounting for Share) |
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Share in Nepali |
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Debentures |
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Final Account: Class 12 |
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Final Account in Nepali |
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Work Sheet |
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Ratio Analysis (Accounting Ratio) |
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Fund Flow Statement |
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Cash Flow Statement |
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Theory Accounting Xii |
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Theory: Cost Accounting |
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Cost Accounting |
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LIFO−FIFO |
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Cost Sheet, Unit Costing |
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Cost Reconciliation Statement |
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There is a wide salary range in the fields of both finance and accounting.
According to the Bureau of Labor Statistics (BLS), the median salary pay year in the USA in 2019 is given below:
Chief Executive Management $193,850
Financial Manager $147,530
General Manager $123,030
Accountant and Auditor $79,520
Accounting verses Finance
Accounting vs. Finance
Bases |
Accounting |
Finance |
Starts and end |
Accounting starts when bookkeeping ends. |
Financial starts when accounting ends. |
Focus |
It focuses recording of inflow and outflow of cash and cash equivalent. |
It focuses how to manage the money as well as assets and liabilities. |
Present and future |
It records day to day financial transaction and prepares financial statements. |
It analyses financial statement and makes plan for the future. |
Recording |
It records financial transactions, summarizes and classifying them. |
It works as procurement, utilization and investment of funds. |
Employers |
Business firms, corporations, governments etc. |
Banks, corporations etc. |
View point |
Backward looking. |
Forward looking. |
Designations |
Bookkeeper, accountant, CA/CPA. |
MBA, FMVA* |
FMVA* = Certified Financial Modeling & Valuation Analyst
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Free eBooks for class 10, 11, 12, Bachelor+
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