Financial Decision

In: Business and Management

Submitted By cbriano
Words 447
Pages 2
INTRODUCTION

Accounting and finance are closely related because it deals with the financial aspects of a company. Finance and accounting are closely related to the because accounting is a factor that places contribution to financial decisions. Accounting gives data to allow the finance department to make knowledgeable decision to maximize profits for the company. Accounting generates information/data relating to operations and activities of the firm.() Accounting supplies valuable information such as balance sheets, and income statements. These statements provide a picture for the finance department assess the company’s past performance guide the directions of the firm. It also will inform the finance department what expenses need to be meet.
Finance is defined as the art and science of managing money.() It consist of different areas that provide financial services and financial management for corporations. Finance takes information that it collects from accountants then creates a proposal to establishing a plan that will help maximize profits. Finance are responsible for financial planning, prognosis investment, recognize and understand how monetary affects the cost and the availability of funds.

Accounting

Accounting is traditionally defined as the bookkeeping for a business.() It collects data and organizes business’s financial data. The accounts use balance sheets, manage account receivables, payables, collections, contracts and invoices, etc() Hospital keep both paper and computerized forma to monitor the financial results. The financial statements help financial departments gauge the profitability of the hospital. Accounting gives a written recording to the organization that gives insight to gains and losses for the hospital. Accountants should provide clear and precise picture of the financial condition for the finance…...

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