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Many people believe both these words have an identical definition. Some become frightened at the thought of the terms. The terms are easy to comprehend, once clearly defined, however. Although interrelated, finance and accounting mean different things. As a manager of any organization, one must realize the importance of knowing what the differences are.
Interestingly, the field of accounting has existed much longer than the field of finance. Accounting is "the process of identifying, measuring, and communication economic information about an organization for the purpose of making decisions and informed judgment" (Marshall, 2003)...
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