An exposition of the basic financial knowledge for improved performance of entrepreneurs and personnel in technology sector

Abstract

The understanding of the theory of accounts providing a conceptual and analytical insight into making skillful and prudent decision cannot be overemphasized. The paper is a theoretical study that presents the importance of embracing some basic knowledge of accounting to entrepreneurs and other personnel in the technological sector with the aim of enhancing the understanding and interpretation of their organizational status. The paper identifies some users and uses of financial accounts, various kinds of accounts, common abbreviations and definitions. It also specifies major statutory and regulatory frameworks of financial accounting and suggests the need for awareness forum for personnel in technology to keep abreast of their inter-relationship with professionals in other sectors. The implementation of these would enable the personnel to be informed users of accounting information and consequently heighten the progress in the technological sector.