Accounting is an Information System that deals with and tends to present a realistic picture of flow of capital and resources within an organization. It is replete with formal procedures articulated under the internationally recognized Generally Accepted Accounting Principals which provide it with a outline to devise all their activities around. Balance Sheets, General Journals, Cash Flow statements and ledgers are the generally used tools used in account reporting procedures. Economics is the science and art of studying and managing resources and it deals with the factors of production. It's focus is on improving the general lifestyles of people and socioeconomic conditions. Finance provides managers and top management with tools to assist them in making important decisions, although it's basic accounting that forms it's fundamental basis. The tools typically used in finance are ratio analysis, risk analysis, estimating break evens and returns on investment, etc.
