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Functions performed by Accounting, Finance and CPA firms

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Explain the differences in functions between the Accounting Department of a firm, its Finance Department and its outside accounting firm.

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Solution Summary

The solution gives lists of the types of actions and responsibilities normally handled by the three levels: accounting department, finance department and CPA firm. There are 6 to 8 examples in each of the three groups.

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The accounting department of a firm processes and accounts for current activity of the business. Examples of the accounting function include payroll, billing, accounts payable, reconciliations, general ledger posting and preparation of monthly financial statements.

The finance department operates at a higher level and ...

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