The Dominica Association of Industry and Commerce (DAIC) and the Climate Resilience Execution Agency for Dominica (CREAD) hosted the second level of the MSME Virtual Financial Management Training via zoom
This session sought to ensure that all participants understand the importance of record-keeping, basic bookkeeping terms, fundamental knowledge of the bookkeeping process, and the effects of bookkeeping on financial statements. The three main financial statements (Balance Sheet, Income Statement, and Statement of Cash Flow), were presented and carefully explained. The accounting equation must include assets, liabilities, and equity; transactions must be categorized taking into consideration the balance sheet, income statement and statement of cash flow; and debit and credit transactions must be accurately recorded detailing the giver and receiver. The Partners encourage all businesses to understand and implement the principles and advice shared in this session in order to make improved and sound operational and investment decisions.
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