Newsletter: 23/11/18

Question and Answer: Accounting and Finance in Business

Q: What is the difference between Accounting and Finance in Business?

A: Accounting is concerned with the recording of transaction in a systematic and orderly manner. As such, it is concerned with recording the business event in a monetary terms whether the cash is involved or not at the time of recording the business transaction.

Example: Consider a situation where a firm has bought material for N500,000 on 01.01.2007. This amount is to be paid after 30 days from the date of purchase to the supplier on 31.01.2007. Though money is not spent on 01.01.2007, the transaction is recorded in the books of accounts.

Accounting functionalities involve,

1.Recording of transactions (Online transactions, Journal vouchers)
2. Maintaining the prime books (Cash book, Journals and Bank book)
3. Generating financial statements (Income Statement, Statement of Financial Position and Cash Flow
Statement) continue reading…


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We can help you in your business through our list of services.

  • Accounting
  • Bookkeeping Services
  • Tax Consultancy
  • Business and Financial Management Consultancy
  • Audit & Assurance?
  • Company & Secretarial Services
  • Allied Services
  • Assurance and Confirmations

If you are interested in any of our services click here


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you can have a free consultation up to 60 minutes with me about financial, accounting etc. issues you are having with your business or even with anything you did not understand about the article. 0802 318 3590 or 0809 318 3590 J.T Popoola (FCA)


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Need Help with any of our Services?

We can help you in your business through our list of services.

  • Accounting
  • Bookkeeping Services
  • Tax Consultancy
  • Business and Financial Management Consultancy
  • Audit & Assurance?
  • Company & Secretarial Services
  • Allied Services
  • Assurance and Confirmations

If you are interested in any of our services click here