Foundations of Finance and Accounting

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0.3 Introduction

Hello. Welcome to Career Readiness, sponsored by UCI Extension Programs. In this module, we’re going to be looking at finance for non-financial professionals. People in the business world whose jobs entail something other than finance and accounting. And probably aren’t familiar with process of accounting and the way that business finances run today. So in this module we’re gonna build a general overview of the basics of accounting and finance. This is going to include terminology, this is going to include rules as I’ve said, regulations. Standards. We’re then going to move on and look at the four financial statements. Because the four financial statements are the building blocks of accounting. But they’re also the building blocks of finance. We use these four financial statements for everything. So what are they? How are they put together? What do they tell us? And how do we use them? From the financial statements, we’re then going to look into costing, how do we determine the costs of things. And this is very important and this actually gets its own module, because costs are an intricate part of our financial strategy. What something costs many times determines whether a business is feasible. It also determines. Our leeway in pricing. What can we price things at? And that of course is determined by the cost. So how do we arrive at true cost? Can be more complicated than it seems on the surface. From there, we’re going to go on to financial ratios. Financial ratios are a great tool. To help us quickly, easily,