What is the difference between accounting and finance?
What will be an ideal response?
Answers will vary, but the main point is backward- versus forward-looking activity; additional descriptors are listed below to help assess various answers:
Accounting - backward-looking activity; looking at actual transactions after they have already taken place; constitutes the assessment portion of the financing cycles; documents prepared as part of that activity are frequently reported outside the business
Budgeting - forward-looking activity; deciding what is expected to take place in the future based on the organization's strategy and goals; constitutes the planning portion of the financing cycle; documents prepared as part of that activity are for internal management use only and are not made public
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