What is the difference between accounting and finance?

What is the difference between accounting and finance?

• Accounting, with its emphasis on review and compliance, generally has an historical outlook
• Finance, with its emphasis on valuation and decision-making, generally has a focus on the future
• The focus of financial decision-making is on the future
• Decisions are based on estimates or forecasts of future cash flow streams
• Forecasts are based on all available information, including relevant historical information
• The outcome of financial decisions is influenced by the passage of time and the resolution of uncertainty

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