Learn the accounting principles to record and monitor the financial health of an organisation, which includes the assessment of its assets, liabilities, cashflow and its future potential. Study finance to understand the science of money management and the dynamics of assets and liabilities over time.
Accounting involves recording, analysing and reporting financial transactions in order for companies to be able to make strategic business decisions. Accounting can be divided into several fields including financial accounting, management accounting, external auditing, tax accounting and cost accounting. As an accountant, you will be responsible for an individual's or a company's financial statements, ensuring that they are accurate and comply with laws and regulations. Accountants advise their clients or employers on ways to reduce costs and improve profits. Accountants also need to analyse trends to project future revenues and expenses.
Finance is a field that deals with the study of investments. It includes the dynamics of assets and liabilities over time under conditions of different degrees of uncertainty and risk. Finance can also be defined as the science of money management. Finance aims to price assets based on their risk level and their expected rate of return. Finance can be broken into three different sub-categories: public finance, corporate finance and personal finance. Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization.