Accountants are trained to handle this critical field in a business, organization, or economy. Each of the three streams of science, commerce, and the arts has its own set of benefits and drawbacks. Today, all of these paths lead to solid employment, and any of them can provide a good livelihood. You can also continue your education with a master’s degree or postgraduate courses.
With the help of given characteristics we can make out, why management is considered as an inexact science. Accounting is a process of systematic recording, classifying financial transactions, and interpreting financial information for the users. Financial management is the process of managing an organization’s financial resources to achieve its goals and objectives. It entails planning, organizing, directing, and controlling an organization’s financial activities.
Involves the application of systematic methods
For example, Newton’s law of motion applies to every object in motion irrespective of its location and state. Similarly, Management as well comprises specific 2 numbri song lyrics in hindi fundamental principles that are accepted worldwide. For instance, the principle of unity of command applies to all organizations, large and small.
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Management is an art as well as a science or an inexact science. So, this feature of science is not fully present in management. One can be a manager in any organisation without a degree of MBA. Must abide the code of conduct, more and more ethical practices to be followed. They are in charge of a company’s overall financial health.
How are Accounting and Financial Management Complementary?
In their training as accounting personnel, they are trained in the field of taxation and business law which are very relevant to any firm and economy. These fields make the accountant very relevant to the business industry and help bring any criminal agenda to the right place. Every nation depends on the tax rate in the nation to determine their outputs and outcomes, their Gross Domestic Product , and the per capita of the nation.