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Lernmaterialien für Financial accouting an der Fachhochschule Aachen

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TESTE DEIN WISSEN

Financial Statements

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TESTE DEIN WISSEN

Statement of Financial Position (balance sheet)

Income Statement (profit and loss account) 

Cash Flow Statement

IAS 1 (Presentation of Financial Statements)

IAS 7 (Statement of Cash Flows)

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TESTE DEIN WISSEN

operating activities

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TESTE DEIN WISSEN

+: profit before taxation, depreciation, interest expense, decrease in inventories, decrease in t. rec., increase in t. pay.

-: tax, interest, dividents, operating expenses, increse in inventories, increade in t. rec., decrease in t. pay.

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TESTE DEIN WISSEN

Partnership

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TESTE DEIN WISSEN

2 or more individuals carry on a b. together

intention of making profit

For accounting purposes:

separate economic entity

Need for accounting information:

wishing to be sure that they are receiving a fair share of the p.profits

Tax authorities, Banks (provide finance)

Other persons who may be invited to join

--> losing personal property and possessions if b. fails

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TESTE DEIN WISSEN

Cash and cash equivalents

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Cash (IAS 7): notes coins in hand or deposited in bank

Cash e.:

- short term (<= 3 months)

- highly liquid investments readily convertible

- subject to insignificant risk of changes of value 

--> all three must be fulfilled

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TESTE DEIN WISSEN

Matching convention

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TESTE DEIN WISSEN

expenses to revenue

same reporitng period for both, expenses associated with rev.

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TESTE DEIN WISSEN

Accruals Convention

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TESTE DEIN WISSEN

- Total revenue ≠ total cash received

- Total expenses ≠ total cash paid

- Profit for the period ≠ net cash generated during period

- Profit: excess of revenue over expense for a period

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TESTE DEIN WISSEN

(Shareholder’s) Equity

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TESTE DEIN WISSEN

Ownership interest:

- residual amount found by deducting all liabilities form all assets

- recognition totally dependent on recognition of A+L

- companies wealth 

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TESTE DEIN WISSEN

How are Businesses Organized?

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TESTE DEIN WISSEN

- few owners/employees = limited companies

- finance from owners (shareholders) and lenders (banks)

- larger companies: owners not involved in daily running of B. --> appoint board of directors to manage on their behalf: 

* Setting overall direction and strategy

* Controlling activities of b. 

* Communicating with shareholders

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TESTE DEIN WISSEN

Accounting terminology


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TESTE DEIN WISSEN

Assets: Resources owned by a b.

Equity: Is the investment that the owner makes and is owed to the owner (A type of liability)

Liabilities: Amount owed to third parties (obligations)


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TESTE DEIN WISSEN

Assets

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TESTE DEIN WISSEN

Present economic resource: capable of producing economic benefits

Controlled by the entity: restrict access to the item

Past events: agreement or event taken place --> resulted in organization obtaining control of item

Current assent (if one condition is met): 

- Held for sale or consumption during b. operating cycle
- Expected to be sold within the next year
- Held principally for trading
- cash or near-equivalents to cash

non-current assets: 

- everything that does not meet the condition

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TESTE DEIN WISSEN

Errors not disclosed by the Trial Balance

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TESTE DEIN WISSEN

Omission: transaction compeletely omitted

Wrong account

Compensating: 90$ instead of 900$ on both sides

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TESTE DEIN WISSEN

Equity and Revenue Items

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TESTE DEIN WISSEN

Revenue expenditure – Purchase of raw material, salaries

Capital expenditure – Purchase of non-current assets

Revenue income – Proceeds from sale of goods, interest and dividends received

Capital Income – Proceeds from sale of non-current assets

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Q:

Financial Statements

A:

Statement of Financial Position (balance sheet)

Income Statement (profit and loss account) 

Cash Flow Statement

IAS 1 (Presentation of Financial Statements)

IAS 7 (Statement of Cash Flows)

Q:

operating activities

A:

+: profit before taxation, depreciation, interest expense, decrease in inventories, decrease in t. rec., increase in t. pay.

-: tax, interest, dividents, operating expenses, increse in inventories, increade in t. rec., decrease in t. pay.

Q:

Partnership

A:

2 or more individuals carry on a b. together

intention of making profit

For accounting purposes:

separate economic entity

Need for accounting information:

wishing to be sure that they are receiving a fair share of the p.profits

Tax authorities, Banks (provide finance)

Other persons who may be invited to join

--> losing personal property and possessions if b. fails

Q:

Cash and cash equivalents

A:

Cash (IAS 7): notes coins in hand or deposited in bank

Cash e.:

- short term (<= 3 months)

- highly liquid investments readily convertible

- subject to insignificant risk of changes of value 

--> all three must be fulfilled

Q:

Matching convention

A:

expenses to revenue

same reporitng period for both, expenses associated with rev.

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Q:

Accruals Convention

A:

- Total revenue ≠ total cash received

- Total expenses ≠ total cash paid

- Profit for the period ≠ net cash generated during period

- Profit: excess of revenue over expense for a period

Q:

(Shareholder’s) Equity

A:

Ownership interest:

- residual amount found by deducting all liabilities form all assets

- recognition totally dependent on recognition of A+L

- companies wealth 

Q:

How are Businesses Organized?

A:

- few owners/employees = limited companies

- finance from owners (shareholders) and lenders (banks)

- larger companies: owners not involved in daily running of B. --> appoint board of directors to manage on their behalf: 

* Setting overall direction and strategy

* Controlling activities of b. 

* Communicating with shareholders

Q:

Accounting terminology


A:

Assets: Resources owned by a b.

Equity: Is the investment that the owner makes and is owed to the owner (A type of liability)

Liabilities: Amount owed to third parties (obligations)


Q:

Assets

A:

Present economic resource: capable of producing economic benefits

Controlled by the entity: restrict access to the item

Past events: agreement or event taken place --> resulted in organization obtaining control of item

Current assent (if one condition is met): 

- Held for sale or consumption during b. operating cycle
- Expected to be sold within the next year
- Held principally for trading
- cash or near-equivalents to cash

non-current assets: 

- everything that does not meet the condition

Q:

Errors not disclosed by the Trial Balance

A:

Omission: transaction compeletely omitted

Wrong account

Compensating: 90$ instead of 900$ on both sides

Q:

Equity and Revenue Items

A:

Revenue expenditure – Purchase of raw material, salaries

Capital expenditure – Purchase of non-current assets

Revenue income – Proceeds from sale of goods, interest and dividends received

Capital Income – Proceeds from sale of non-current assets

Financial accouting

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