Name: Fahad Javaid/ Waseem Akhter Class: M-Com (1st Semester) Reg No: L4F11MCOM0234/L4f11MCOM0264 Prepared by: Fahad

Javaid And Waseem Akhter Submitted to: Professor Hafiz Imtiaz Course: Accounting Assignment # 2

Name: Javaid Nazeer Designation: Manager Operations Branch: Gulberg Branch (Islamic banking)

Question: Define accounting? Answer:

The systematic recording, reporting, and analysis of financial transactions of a business. The person in charge of accounting is known as an accountant, and this individual is typically required to follow a set of rules and regulations, such as the Generally Accepted Accounting Principles. Accounting allows a company to analyze the financial performance of the business, and look at statistics such as net profit.

Question: Define finance? Answer:

1. A branch of economics concerned with resource allocation as well as resource management, acquisition and investment. Simply, finance deals with matters related to money and the markets. 2. To raise money through the issuance and sale of debt and/or equity.

Question: Difference between accounting and finance? Answer:

Accounting is an essential part of finance. It is a sub-function of finance. Accounting produces information about the operations of a business. The endproduct of accounting is composed of financial declarations such as balance sheets, income declarations which include the profit and loss accounts, and the declaration of changes in financial position which includes sources and uses of funds declaration. The data kept in these declarations and reports aids financial directors in analyzing the previous performance and future inclinations of the company and in satisfying certain legal duties and responsibilities, such as payment of taxes and many more. Therefore, accounting and finance are practically closely connected. One difference is associated with the treatment of funds and the other is associated with decision making. In accounting, the system of determination of funds; that is, income and expenditures, is based on the accrual system. Revenue is acknowledged at the point of sale and not when it was collected. Expenses are acknowledged when they are incurred than when they are paid. However, in finance, the system of determination of funds is based on cash flows. The revenues are acknowledged during the actual receipt in cash as in cash flow and the expenses are acknowledged when the actual payment is made as in cash outflow. Another difference between accounting and finance is with respect to their purposes. With accounting, it aims to collect and present financial information. It furnishes constantly improved and easily interpreted previous data, present and future inclinations of the company. Meanwhile, financial directors prime duty and responsibility associates to financial strategy, managing and controlling, and decision making. Therefore, in a sense, finance starts where accounting ends.

Management Hierarchy of Habib Metropolitan Bank Branch Manager Manager Operations

Top Level Management

Import Export Accounts Administration Foreign currency account General banking Advances(finance) Miss Hina (head of department) Mr. Zaheer Anwar

Responsibilities of employees:
Every person in every department is responsible to head of department. Head of department is answerable to manager operations. Manager operations is answerable to branch manager. In advance and accounting department, Miss Hina is head of department and other members are answerable to Miss Hina and Miss Hina is answerable to Javaid Nazeer (Manager Operations)