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FIN - Financial Administration module
Financial Accounting - Basic Concepts
|Target population:||Administrative personnel with a financial role|
|Prerequisite:||FIS 301 - Intro to Finance and Minerva or FIS 330 - Processing Financial Transactions|
|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.
*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.
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