You are appointed as senior finance director at Techson Ltd., which specialises in manufacturing electrical components for personal computers. Having experience in the financial domain for more than a decade, you have acquired a working knowledge of managing the finances of any organisation.

You have recently hired an intern, who seems to be good at his job and can be absorbed into the organisation. This intern has doubts about the viability of having two different finance departments: financial accounting and financial management. He feels these departments work on similar functions, and their additional cost to Techson Ltd. could be reduced if they were combined into a single unit.

Required:

1. Illustrate and explain to the intern the role and responsibilities of these two departments and their importance to the organisation. (15 marks)
2. Contrast and demonstrate five differences between these two departments. (10 marks)