Originally posted by : pooja
	you know what would my answer be " finance starts where accounting ends..where accounts is ponly clerical, finance is purely intellectual..faccounts is remaining inside the box,finance is thinking out of the box" accounts is the language which business speaks,it shows whre the business stands,,on the other hand finance is decision making,it shows whre the business can stand

Good verbal Gymnastics.

DONT MIND HAAN .......... BUT DO U REALY THINK  FINANCE STARTS WHERE ACCOUNTING ENDS........

  YES ACCOUNTING IS SUB PART OF FINANCE.....

    AND YES U R SENIOR  AND EXPERIENCED AS WELL....M NOT OPPOSING UR ANSWER ......BUT REALLY WANT TO KNOW DOES THIS DEFINITION SHOW THE REAL DIFFERENCE ....

I DONT KNOW WHETHER IT DOES OR DOES NOT....JUST WANT TO KNOW.....THANX.... 

obviosly it does..finance is purely decision makes..you have to read between the data and accounting books to reach a conclusion about a business..

OK  I GOTTA GO....OFFICE CLOSING TIME .....I WILL CATCH U TMRW......

TAKE CARE..........

Originally posted by : pooja
	CAN SOMEONE COME UP WITH BETTER AND CREATIVE ANSWER ..NOT GOOGLED

see finance is so broad activity in comparison to accounting..

accounting is like a post mortem of anything happened (in money value) in an organization.. menas accounting is like bhagwan shiva...  

while finance is so vital thing , its a blood for an organization for throughtout of its life, & most importantly without finance a bigger organization can't be set up hence finance is like bhagwan brahma..everyday there is need of fund management which involves estimation of future inflows outflows..

accounting is a post mortem activity & finance is a borning activity.... this is a big difference  , which i have learnt from my life till now..

"Accountancy" is the science of recording transactions in systamatic and choronological order.

"Accounting" is the process of recording transactions in the above manner.  

So an account may be termed as a place, an arry etc where the transactions are recorded for future reference.

Finance on the other hand is a resource used to exchange your wealth for doing business, aquiring assets, repay debts etc

Financing is thus the process of acquiring funds and utitlising it

Mr. lokesh..i m impressed..thanks for the post

@ Pooja- welcome &  thanks for appreaciation..

Dear Sir/Mam,

as per my knowledge  in simple words.... Finance is What's Next for organization on funding view ..like eagle search  and similarly accounts is postmortam job of financial transactions ..like after murder of persons.

if any thing wrong please correct me..this is 100% my own.

well...good effort...finance is both funding and application

ACCOUNTING DEALS WITH THE PREPARATION OF BOOKS OF ACCOUNT OF A COMPANY IN ACCRODANCE WITH THE ACCOUNTING STANDARDS   AND TO BE PRESENTED TO THE LEGAL REQUIREMENTS AND SHARE HOLDERS

FINANCE DELAS WITH INTERNAL REPORTING TO MANAGEMENT ,DOES NOT REQUIRE ANY LEGAL REQUIREMENT OR ACCOUNTING STANDARDS .IT MANLY CONCERNS ABOUT A N INTERNAL MANAGEMENT DECSION OF A PRODUCT OR SEGMENT. LET US CONCLUDE AS Finance is purely decision makes BASED ON CERTAIN JUDGEMENT AND ASSUMPTIONS.

This One From Wikipedia :-

Finance is the study of how investors allocate their assets over time under conditions of certainty and uncertainty. A key point in finance, which affects decisions, is the time value of money, which states that a unit of currency today is worth more than the same unit of currency tomorrow.

Accounts : - A record of financial transactions 

Originally posted by : CA Lokesh Pokharna (Jain)
	Originally posted by : pooja CAN SOMEONE COME UP WITH BETTER AND CREATIVE ANSWER ..NOT GOOGLED see finance is so broad activity in comparison to accounting.. accounting is like a post mortem of anything happened (in money value) in an organization.. menas accounting is like bhagwan shiva...   while finance is so vital thing , its a blood for an organization for throughtout of its life, & most importantly without finance a bigger organization can't be set up hence finance is like bhagwan brahma..everyday there is need of fund management which involves estimation of future inflows outflows.. accounting is a post mortem activity & finance is a borning activity.... this is a big difference  , which i have learnt from my life till now..

For me this is the best answer......

I first heard this type of sentence back in 2009 from my pcc teacher , he was then the chief accountant in a very renowned Public sector company ( kolkata).
 

The answer given by MR LOKESH is a very practical answer......I don't think any book can explain it this way......

Do not feel bad Ramesh , but give the exact anwser and Pooja if you need better answer or bookish answer?

"accounting is a post mortem activity & finance is a borning activity.... this is a big difference  , which i have learnt from my life till now.."

Mr. Lokesh I am not fully agreed with you, if so that do you call budgeting as post mortem activity.