Know the Difference with Assistance of Financial Management vs. Financial Accounting Homework Help
Financial management discusses managing the funds in such a way that it accomplishes the objectives of the organisation. It is directly connected to the top management. It deals with investment, dividend as well as financing policies.
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What is Financial Accounting?
Financial accounting is used by those who are outside the organisation. Those who want to invest in the firm can go through the financial reports of the firm. The financial statements are distributed to stakeholders like lenders, analysts and others outside the company.
What is the difference between Financial Management and Financial Accounting?
- Financial management can be said as a new branch of accounting which manages the finance of the business. Financial accounting is said to be the language of business.
- Financial management aims at achieving various financial objectives and involves company’s financial resources for management purposes. Financial accounting is concerned with production of financial statements in accordance with the accounting standards.
- Financial management involves finances, assets as well as resources whereas financial accounting is about reporting the financial information.
- Financial management is a new concept as compared to financial accounting.
- Financial management has three elements- planning, control and decision making. Financial accounting covers the entire organisation.
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What is the importance of Financial Management?
- It helps in keeping the organisation goal clear.
- It ensures effective utilization of resources.
- It helps in choosing the sources of finance.
- It involves making dividend decision.
The significance of financial management is not limited to the managers who take the decisions. It is extended to help firms in supplying better product and service to its customers at a reasonable price, offering higher returns.
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What is the importance of Financial Accounting?
- It helps in recording transactions for future use.
- It helps in communicating information externally.
- It helps the internal users of financial information to gather strengths and weaknesses of the organisation.
- It helps in analysing and comparing financial statement of one period with the other. Also, it helps in computing various ratios for decision making.
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