Financial Accounting - Basic Concepts

Managing or participating in the management of funds is a critical and challenging role. The first step in ensuring that financial management is being effectively executed is to gain a better understanding of basic financial accounting concepts.

This workshop, designed for administrative personnel with a financial role, provides the tools required in understanding basic accounting concepts and their relevance in executing financial tasks.

Topics Covered:

• Introduction of basic financial accounting concepts and theory,
• Provide the tools required in effectively executing financial tasks,
• Increase skills and comfort level with financial management policies and procedures.

By the end of the course, participants will be able to:

• Understand the difference between an income statement and a balance sheet,
• Distinguish between a debit and a credit,
• Use T-Accounts to understand the flow of financial transactions,
• Know when to use accrual accounting,
• Understand the impact financial transactions have on the four Banner ledgers: Operating, General, Encumbrance, and Grant,
• Comprehend the difference between a pre-determined budget and cash basis budget.