Accounting is essentially subset of finance, in terms of discipline. However if we see the career path and the kind of role played in both the disciplines, it differs considerably.
Accounting involves data measuring, filling and mainteanance of financial statements i.e income statement, balance sheet, cash flow statement, hence financial position of a firm can be assessed. People who specialize these activities are designated as accountants.
An accountant is expected to keep track of company’s transactions, tax paid records etc accurately. The analysis and communication of financial information of various companies, is also categorized as the role performed by accountants. Many accountants also do budget analysis, financial planning, IT consulting and some legal services like auditing. The auditer typically audits the financial reports of the firms, and give independent opinion on whether the information given in the statements is accurate and free from material errors.

There has been much furore in financial sphere over the recent revelation of misleading accounting techniques used by Lehman Bros.
An accounting trick, known as the Repo 105 aided financial relief to Lehman Brothers just before its supernova collapse. It now seems that the shenanigans spells used by them may cast a legal jeopardy for executives of Lehman and its auditors Ernst & Young.
The implosion of Lehman Brothers Holdings Inc. into the biggest bankruptcy in U.S. history in September 2008 led the financial meltdown that plunged the economy into the most severe recession since the 1930s, which now thankfully shows some signs of recovery.