Finance and Accounting

Step 1: Finance and Accounting Fundamentals
Introduction to Finance and Accounting: In this first step, an overview of the fundamentals of finance and accounting is provided. Participants will gain a basic understanding of the importance of these disciplines in business. The crucial roles that finance and accounting play in strategic decision making and efficient management of financial resources are explored.
Basic Accounting Principles: At this point, the fundamental accounting principles that govern the recording of financial transactions are introduced. The double entry principle stands out, which establishes that each transaction affects at least two accounts. Participants will learn how to use the journal and general ledger to record and organize these transactions systematically.
Concepts of Assets, Liabilities and Net Worth: This segment addresses the fundamental structure of financial statements. The concepts of assets (resources owned by the company), liabilities (financial obligations) and net worth (the difference between assets and liabilities, which represents the owners’ investment in the company) are explained. Participants will understand how these elements intertwine to form the accounting balance and provide a snapshot of the company’s financial health.