Financial Accouting an der Fachhochschule Aachen | Karteikarten & Zusammenfassungen

Lernmaterialien für Financial accouting an der Fachhochschule Aachen

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operating activities

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+: 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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Accounting terminology


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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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Causes of Change in (Shareholder’s) Equity

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- Increase / decrease in equity (+ / -):
Normal business transactions (e.g.,
supplying goods/services to customers)
- Increase in equity (+):
Owner contributing resources to the
business (invest cash in the business)
- Decrease in equity (-):
Owner withdrawing resources from the
business (withdraw cash from the
business)

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TESTE DEIN WISSEN

Statement of Financial Position

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TESTE DEIN WISSEN

balance sheet

statement of assets owned and liabilities owed by the business at a certain date (snapshot of the financial position)

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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

Assets

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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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Agency theory

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Relationship between the owner (principal) and the manager (agent)

Inherent conflict between the interests

resolved by:

manager´s being required to provide information on a regular basis --> decisions and behaviour can be monitored and assessed

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TESTE DEIN WISSEN

Relationship between costs and the value of providing
additional accounting information

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Low cost and high value bring the optimal quantity of information

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Main users of financial information relating to a business

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TESTE DEIN WISSEN

Owners
Customers
Competitors
Managers
Employees and their representatives
Lenders
Government
Suppliers
Investment analysts
Community representatives

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TESTE DEIN WISSEN

Accounting as Service Provider

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TESTE DEIN WISSEN

Information must possess certain two qualities to be decision-useful 
- Relevant: predictive value, confirmatory value
- Faithfully represented: neutral, complete, free from error

other qualities enhancing its usefulness:

- Produce on timely manner

- Comparable

- Understanable


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Management Accounts

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For internal users
Can be on any part of the organization
Does not need to follow any prescribed format
Can be produced for any period such as quarterly or monthly
Can be for any length of time
Detailed information about current & future

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TESTE DEIN WISSEN

Cash Flow Statement

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TESTE DEIN WISSEN

record of the movement of cash over a period of time (video of flows of cash in and out)

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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:

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:

Causes of Change in (Shareholder’s) Equity

A:

- Increase / decrease in equity (+ / -):
Normal business transactions (e.g.,
supplying goods/services to customers)
- Increase in equity (+):
Owner contributing resources to the
business (invest cash in the business)
- Decrease in equity (-):
Owner withdrawing resources from the
business (withdraw cash from the
business)

Q:

Statement of Financial Position

A:

balance sheet

statement of assets owned and liabilities owed by the business at a certain date (snapshot of the financial position)

Q:

Errors not disclosed by the Trial Balance

A:

Omission: transaction compeletely omitted

Wrong account

Compensating: 90$ instead of 900$ on both sides

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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:

Agency theory

A:

Relationship between the owner (principal) and the manager (agent)

Inherent conflict between the interests

resolved by:

manager´s being required to provide information on a regular basis --> decisions and behaviour can be monitored and assessed

Q:

Relationship between costs and the value of providing
additional accounting information

A:

Low cost and high value bring the optimal quantity of information

Q:

Main users of financial information relating to a business

A:

Owners
Customers
Competitors
Managers
Employees and their representatives
Lenders
Government
Suppliers
Investment analysts
Community representatives

Q:

Accounting as Service Provider

A:

Information must possess certain two qualities to be decision-useful 
- Relevant: predictive value, confirmatory value
- Faithfully represented: neutral, complete, free from error

other qualities enhancing its usefulness:

- Produce on timely manner

- Comparable

- Understanable


Q:

Management Accounts

A:

For internal users
Can be on any part of the organization
Does not need to follow any prescribed format
Can be produced for any period such as quarterly or monthly
Can be for any length of time
Detailed information about current & future

Q:

Cash Flow Statement

A:

record of the movement of cash over a period of time (video of flows of cash in and out)

Financial accouting

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