Michelle Gracey Business and Administration Unit six:
Finance consists of three interrelated areas: More from Business Study Notes: Other specialists choose to work in consultancies, in which they are dedicated to advising the individual investors on the best way to invest their funds.
The widest of the three areas and offers the largest number of employment opportunities. Relationship with the Economy Economic principles, although generalizations are somehow imprecise quantitatively, since they come from the observation of social behavior, however, the theoretical knowledge of economic science is fundamental to the work of the financial analyst.
Relationship with Accounting The study of finance is closely linked with accounting, because it is associated with budgets, plans, preparation and interpretation of financial statements.
However, there are basic differences between accounting and finance, the first refers to the treatment given to funds, while the latter reorients decision-making. To protect these personnel, financial accounting is governed by so-called generally accepted accounting principles GAAP and specifically in our country by Ecuadorian Accounting Standards NEC.
The need for Funds Every company, when it needs funds to finance the asset and thus be able to continue with normal operations, faces the dilemma of selecting between two basic types of financing, internal and external.NCFE Level 2 Certificate in the Principles of Business Administration Course Overview.
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