Question

Difference between Financial Management and Financial accounting

Answer 1

Financial accounting: it is more concerned with operational report, which are only distributed within company. Standards financial accounting must comply with various accounting standards, where as managerial does not have to with any standards when information is complied for internal consumption.

Financial managements: it is focus on the Financial statements which are distributed to stockholders, lenders to the efficient and effective management of money in such a manner as to accomplished the objective of the organisation.

Answer 2

Answer:

Financial Management

Finance is viewed as one of the most important factors in every enterprise.

Finance is viewed as one of the most important factors in every enterprise. Financial Management is concerned with managerial activities pertaining to the procurement and utilisation of funds or finance for business purposes.

Functions Of Financial Management Are :-

• Estimation Of Capital Requirements.

• Ensuring Affair Return To Investors.

• Determining The Suitable Sources Of Funds.

• Laying Down The Optimum And Suitable Capital Structure For The Enterprise.

Financial Accounting

According to American Institute of Certified public accountants (AICPA) , "Financial Accounting is the art of recording classifying and summarising in a significant manner and in terms of money transactions and events which are in part at least of a financial character and interpreting the results there of ."

Functions Of Financial Accounting Are :-

• Maintaining Proper Records Of Business.

• Calculation Of Profit And Loss.

• Determining The Financial Position Of Business.

• Providing Effective Control Over The Business.

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