Business law is sometimes referred to as commercial law. It is a set of regulations and codes that governs business and commerce. Business law encompasses both private and public law. Some of the areas covered by business law include manufacturing, marketing, and selling of goods, corporate contracts, employee recruitment, etc. Also, commercial law outlines the rights, code of conduct, and relationships between entities that are engaging in a business.
Finance is a comprehensive term that encompasses topics like banking, leverage, and credit, money, capital markets, investments, etc. In simple words, we can define finance as the management of funds and the process of obtaining the money required by the business. Finance also describes activities that are related to liabilities, assets, and other financial systems. Macroeconomic and microeconomic theories are usually used to derive the concepts of finance. One of the most widely-used theories in finance is the time value of money.
Accounting is the writing down of business transactions for easy decision-making and future reference. It involves recording summaries and generating reports. Accounting reports are often submitted to oversight agencies and tax collection bodies. Accountants use financial statements to summarize transactions and operations of the business over some time. These statements inform the management of the financial position of the company and the cash flows available.
Operations management is directing and controlling the practices of a business. This type of management ensures that the company functions effectively and efficiently. Operations management converts labor and raw materials into products and services. It strives to maximize revenue and profits. The main aim of operation management is to attain the highest possible net operating profit. To realize this objective, managers must find a way of balancing costs and profit.