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Accounting: Difference between revisions
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== Accounting for a New Business 1 == | == Accounting for a New Business 1 == | ||
=== Accounting lesson 1 Double-entry bookkeeping, credit and debit === | === Accounting lesson 1 Double-entry bookkeeping, credit and debit === | ||
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:* '''Management accounting''' or '''[[w:managerial accounting]]''' is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions. ( Wikipedia ) | :* '''Management accounting''' or '''[[w:managerial accounting]]''' is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions. ( Wikipedia ) | ||
=== Balances and flow statements === | |||
( [[w:fi:XYZ]] ) | |||
:*For every '''[[w:fiscal year|fiscal year]]''' ( [[w:fi:Tilikausi]] )a business must produce a '''[[w:annual report]]''' which contains ( in [[w:Finland]] ) | |||
:** the annual '''[[w:financial statement]]''' ( [[w:fi:Tilinpäätös]] ) which contains naturally | |||
:*** the '''[[w:balance sheet]]''' ( main document of accounts, [[w:fi:tase]] ) | |||
:***the '''[[w:income statement]]''' ( main flow document, [[w:fi:tuloslaskelma]] ) | |||
:*** the attachments for balance sheet and income statements [[w:fi:liitteet]] | |||
:*** the [[w:statement of changes in equity]] (SOCE) | |||
:** Textform description of businesses activities ( [[w:fi:toimintakertomus]] ) | |||
==== Income statement or profit and loss statement ==== | |||
:* '''[[w:Income statement]]''' (also referred to as '''profit and loss statement (P&L)''', '''revenue statement''', '''statement of financial performance''', '''earnings statement''', '''operating statement''' or '''statement of operations)'''is a company's '''[[w:financial statement]]''' that indicates how the revenue (money received from the sale of products and services before expenses are taken out, also known as the "top line") is transformed into the net income (the result after all revenues and expenses have been accounted for, also known as Net Profit or the "bottom line"). ( Wikipedia ) | :* '''[[w:Income statement]]''' (also referred to as '''profit and loss statement (P&L)''', '''revenue statement''', '''statement of financial performance''', '''earnings statement''', '''operating statement''' or '''statement of operations)'''is a company's '''[[w:financial statement]]''' that indicates how the revenue (money received from the sale of products and services before expenses are taken out, also known as the "top line") is transformed into the net income (the result after all revenues and expenses have been accounted for, also known as Net Profit or the "bottom line"). ( Wikipedia ) | ||
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In [[w:financial accounting]], a '''[[w:balance sheet]]''' or '''statement of financial position''' is a summary of the financial balances of a [[w:sole proprietorship]], a [[w:Partnership|business partnership]], a [[w:corporation]] or other business organization, such as an [[w:Limited liability company|LLC]] or an [[w:LLP]]. '''[[w:Asset]]s, [[w:liability (financial accounting)|liabilities]]''' and '''[[w:ownership equity]]''' are listed as of a specific date, such as the end of its [[w:financial year]]. A balance sheet is often described as a "snapshot of a company's financial condition". Of the four basic [[w:financial statements]], the balance sheet is the only statement which app | In [[w:financial accounting]], a '''[[w:balance sheet]]''' or '''statement of financial position''' is a summary of the financial balances of a [[w:sole proprietorship]], a [[w:Partnership|business partnership]], a [[w:corporation]] or other business organization, such as an [[w:Limited liability company|LLC]] or an [[w:LLP]]. '''[[w:Asset]]s, [[w:liability (financial accounting)|liabilities]]''' and '''[[w:ownership equity]]''' are listed as of a specific date, such as the end of its [[w:financial year]]. A balance sheet is often described as a "snapshot of a company's financial condition". Of the four basic [[w:financial statements]], the balance sheet is the only statement which app | ||
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=== Accounting class week 9 === | |||
:* Team quiz on new terminology ( [[w:Category:Accounting terminology]] ) | :* Team quiz on new terminology ( [[w:Category:Accounting terminology]] ) | ||
:* '''[[w:Assets]]''' | :* '''[[w:Assets]]''' | ||
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=== Accounting class week 10 === | |||
:*'''[[w:Accrual]]''' (''accumulation'') of something is, in [[w:finance]], the adding together of [[w:interest]] or different [[w:investments]] over a period of time. It holds specific meanings in [[w:accounting]], where it can refer to accounts on a [[w:balance sheet]] that represent liabilities and non-cash-based assets used in accrual-based accounting. These types of accounts include, among others, [[w:accounts payable]], [[w:accounts receivable]], [[w:Goodwill (accounting)|goodwill]], [[w:deferred tax]] [[w:liability (accounting)|liability]] and future interest expense. ( Wikipedia ) | :*'''[[w:Accrual]]''' (''accumulation'') of something is, in [[w:finance]], the adding together of [[w:interest]] or different [[w:investments]] over a period of time. It holds specific meanings in [[w:accounting]], where it can refer to accounts on a [[w:balance sheet]] that represent liabilities and non-cash-based assets used in accrual-based accounting. These types of accounts include, among others, [[w:accounts payable]], [[w:accounts receivable]], [[w:Goodwill (accounting)|goodwill]], [[w:deferred tax]] [[w:liability (accounting)|liability]] and future interest expense. ( Wikipedia ) | ||
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=== Accounting class week 11 === | |||
* '''[[w:VAT]] accounting''' ( [[w:fi:Arvonlisävero]] ) | * '''[[w:VAT]] accounting''' ( [[w:fi:Arvonlisävero]] ) | ||
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=== Accounting class week 12 === | |||
:Joint exam with [[#Business Math 1|Business Math 1]] | :Joint exam with [[#Business Math 1|Business Math 1]] | ||
lies to a single point in time of a business' calendar year. ( Wikipedia ) | lies to a single point in time of a business' calendar year. ( Wikipedia ) | ||