Summary
Accounting, Full lecture notes & summary, VU, International Business Administration, Year 1
- Course
- Institution
- Book
Accounting, International Business Administration, year 1, Full lectures notes & summary
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Full SOLUTION MANUAL FOR Financial And Managerial Accounting 4th Edition by Jerry J Weygandt, Paul D Kimmel, Jill E Mitchel A+
-
Test Bank for Understanding the Accounting Cycle 2nd Edition 2024 latest update
-
Solution Manual for Financial and managerial accounting 4th Edition Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Seller
Follow
BramHezemans
Content preview
Accounting samenvattingLecture 1:
WHAT IS ‘ACCOUNTING’?
What is accounting?
Verification and assurance = auditing
Annual
accounts
Monthly
business unit
report
Capital Specification of
transactions/ Investment contents = accounting
events calculations
Tax filing
recording storing processing reporting
TWO ‘TYPES’ OF INFORMATION Organization = accounting information systems
Verschillende soorten verslaggeving:
9 Commit yourself, Connect to the community, Challenge the ordinary, Create your own path
Financial Accounting:
external financial reporting and bookkeeping (for stakeholders)
Management Accounting:
internal information for decision-making, performance
evaluation, and control
Bookkeeping Financial
system reporting
(external)
Other Analysis and
information reporting for
systems management
12 Commit yourself, Connect to the community, Challenge the ordinary, Create your own path
,Financial accounting: three statements:
FINANCIAL ACCOUNTING: THREE STATEMENTS
Balance sheet
• Three angles of a triangle need to
add up to 180°. If you change one,
at least one other has to change…
• Similarly: Any business decision or
activity will affect two or all of the
statements (never change one…)
Cash flow Profit and loss
statement (income) statement
Information is used to
To discuss:
- Make investment/lending decisions
1. Formal relations Why?
- Manage firm; see problems upfront..
2. Norms for contents
- Etc…
Balance sheet: moment opname:
Rest over langere tijd
EACH ANGLE SHOWS A DIFFERENT ELEMENT OF THE
BUSINESS
Balance sheet
Balance sheet: overview of the firm’s situation at a point
in time.
§ Assets: what the firm owns; what it has done with the funds it
received
Cash flow Profit and loss (income)
statement statement
§ Liabilities: what the firm owes; where the funds came from. Split
into equity (funds from owners) and other liabilities
Profit and loss statement: the results of a company over
a period of time
Cash flow statement: the flow of money into and out of
the company over a period of time
16
, BALANCE SHEET: THE CONCEPT
Basis balance sheet:
Balance sheet per dd/mm/yy
ASSETS LIABILITIES
(What the firms owns) (What the firms owes)
OTHER ASSETS 70 EQUITY 60
CASH 30 OTHER LIAB. (loan) 40
Total 100 Total 100
Assets = Liabilities
BALANCE
So EQUITY is the value for the OWNERS (Stockholders, shareholders)
So if you earn money as a firm, EQUITY increases
But this should be visible in higher assets [e.g. cash (you received money)] or lower
liabilities (you repaid a loan with the profit)
Welke statement heeft invloed op welke kant:
CASH FLOW; PROFIT; AND OTHER CHANGES IN RESOURCES AND SOURCES ARE
VISIBLE WHEN COMPARING BALANCE SHEET FROM BEGINNING TO END OF THE YEAR
Balance sheet
31/12 1/1 31/12 1/1
Other assets 90 70 Equity 80 60
Cash 40 30 Liabilities 50 40
130 100 130 100
The changes in Cash and Equity are visible in the separate statements:
Cash flow statement for the year Income statement for the year
Cash inflow 290 Revenues 250
Cash outflow 280 Expenses 230
Profit 20
Net increase in cash 10
23
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BramHezemans. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.09. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80796 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now