What Accounting And Finance Is And Why I Study It At The University Of Birmingham

1519 Words Nov 21st, 2016 7 Pages
In this essay, I will explore what accounting and finance is and why I have chosen to study it at the University of Birmingham. Accounting and finance are two separate disciplines that have some similar characteristics. The main difference between accounting and finance is that finance focuses on the present and future whereas accounting focuses on the past (Aspillera, 2014). The University of Birmingham is amongst the top providers for accounting and finance due to its credibility, infrastructure and status making it one of the best routes towards a successful career.
Accounting is “the art of recording, classifying and summarising business transactions” (Raun, 1962). The field of accounting covers a broad range of topics, and thus a single definition of accounting cannot cover all aspects. There are different types of accounting such as; management accounting which focuses on providing information internally to managers and those who direct operations but also financial accounting which provides information for external stakeholders such as shareholders and creditors (Seal and Rohde, 2014). Accountants carry out a wide range of tasks, one of them being creating financial statements (Accounting Coach, 2014). Balance sheets and income statements help present a large amount of complex information in a simpler way so people outside of an organisation can understand it better. Accountants also use statistical information to make sure that a business is financially viable. This…

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