Stuff That I Should Know, But Don't
From smartpros:
If you ask those in the industry for a specific definition of "accounting" or "finance," you would probably get several different answers. In simple form, accounting involves the accumulation of historical information. Webster’s dictionary defines it as “the occupation of maintaining and auditing records and preparing financial reports for a business."
Finance, on the other hand, involves analyzing the historical information and using it to plan and make future decisions. This includes such areas as budgeting, forecasting, strategic planning and due diligence. However, because it is so vast, finance is difficult to define in one simple term.
Some say the differences between accounting and finance are immense and therefore require two separate types of individuals. These people believe that a person that likes "number crunching" and reporting of numerical data may not necessarily enjoy strategic forecasting and predictions about the future. And, visa versa. On the other hand, there are those individuals who have the capacity for success on both sides of the fence....
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