As a manager, it's important to be able to understand the language accountants communicate in. This allows processes to go faster and improves your understanding of a decision financially. Whether your organization is focused on management, consumer packaged good, education or nonprofit, being able to effectively speak to accountants about the viability of a project is useful. After understanding accounting language, it's important to get a grasp of how accountants operate, which includes understanding bookkeeping and financial statements. This is helpful during the end of the fiscal year when your team is summarizing this year's budget and planning for next year's.
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Example of Accounting Terms
|ADIN||The Administrative Information Network gives access to several systems supported by Information Technology Services (ITS).|
|AJE||An Adjusting Journal Entry took the place of the Revenue & Expense Transfer (RET) at the start of the fiscal year 2009. AJE transactions will appear as revenue or expense on accounting statements, depending on the class code used. Only numeric class codes can be used.|
|ALO||Allocations (Original) - Initial allocations for state-appropriated funds, per the budget. This Transaction Code was replaced by the TFR at the end of fiscal Year 2008.|
Click here for the full list of accounting terms.
(Source: IOWA State University)
Here at KNOLSKAPE, we offer an Accounting Experiential Module for people to learn the basics of accounting in an immersive way. The software places the participant in the seat of an accountant and presents various scenarios that happen in a company. Through these scenarios, the module teaches the learner, the basics of double-entry bookkeeping system and takes the learner all the way to preparing the balance sheet of a company. This module fits well in the accounting core course of an MBA program.
The Accounting experiential learning module is based on the case study “Mechanics of Financial Accounting” by Profs. Jake Cohen and David Young of INSEAD.
Using the Accounting experiential module, participants will be able to:
- Learn the basics of the double bookkeeping system
- Construct income statement and balance sheets through the case study of a virtual company and its operations over a period of time
- Learn the different constituents of the income statement and balance sheet including revenue, net profit, retained earnings, a difference between fixed and non-current assets among others.
KNOLSKAPE’s award-winning simulations uses experiential learning and gamification to attract, grow and retain talent. Global Fortune 500 companies and Top-10 B-schools use KNOLSKAPE’s products and solutions for on-boarding, training, assessments, and talent engagement strategies.
Published by: Hardik Chitroda in Blog