Parts: When will be tested? No. of lecture class MU week Total split of points: part 1 Basics of accounting lecture 1 fin vs mgmt accounting midterm test wk1 Task Points Comments: ac cycle midterm test wk1 presentation of examples (calculus) or paper&presentation of topic related to accounting 20 number of examples required will be confirmed. Topic can be chosen by student BUT must be relevant to the course. Presentations need to have paper backup (i.e. written version) and will be held at the last seminar. ac documents midterm test wk1 midterm test 20 "will be on Nov 4, 2020. Duration ot test will be confirmed later" double entry midterm test wk1 final exam 60 will be in January 2021. Date and duration will be confirmed later. accruals midterm test wk1 total 100 part 2 Conceptual framework "lecture 2, lecture 3" role of framework midterm test wk2 role of IFRS midterm test wk2 extra points 10 for presentation of additional examples fin statements midterm test "wk2, wk3" "ac policies, estimates, errors" midterm test wk3 max grade 100 points (A) part 3 Assets "lecture 4, lecture 5" PPE midterm test (will be confirmed later) wk5 Intangible assets final exam wk5 Right-to-use asset (lease) final exam wk6 Current assets final exam wk6 part 4 FI final exam "lecture 6, lecture 7" wk7 part 5 Liabilities lecture 7 Provisions final exam wk8 part 5 Equity final exam part 6 Deferred tax final exam "lecture 7, lecture 8" wk9 part 6 FX final exam lecture 8 wk9 Note: topics for midterm test will be also included into final exam ##### Sheet/List 2 ##### Part I. Basics of accounting 1 fin vs management accounting 2 accounting cycle and double entry book keeping preparation of fin statements "transactions recorded in subledger accounts (e.g. customer accounts, vendor accounts)" "subledger accounts are balanced and closed off into control/general ledger (GL) accounts (e.g. debtor account, creditor account etc.)" trial balance extracted from GL accounts year-end adjustments made and GL accounts closed off trial balance used to prepare financial statements books of primary entry (records in subledgers) - are used to update GL accounts sales day book purchases day book "cash book (cash receipts, cash paymens, petty cash)" journals control accounts (records in general ledger) - are used to prepare trial balance reconciliation (rec) recs - means of checking that balancee on the control (GL) account agrees with balance on the ledger account how to prepare a rec: take breakdowns at transaction level of all records from related subledger accounts compare total amount from breakdown and GL cummulative balance "if two total amount do not reconcile, investigate the variance" suspense accounts (incomplete records) end-to-end period close includes: 3 accounting documents 5 accruals and prepayments arises when moment of impact on P/L and moment of actual cas are not the same: Cash flow now Cash flow later Income statement now Accrual Expense Income Income statement later Prepayment accrued prepaid accrued prepaid profit reduction currentliability profit increase current asset profit increase current asset profit reduction currentliability Accrued expense release Db Expense (P/L) Db Accued expense (B/S) Cr Accued expense (B/S) Cr Invoice received or credit note issued to customer (payable) (B/S) Accrued income 0 impact on P/L when actual expense/income is received Db Accued income (B/S) Db Invoice issued or debit note issued to vendor (receivable) (B/S) Cr Income (P/L) Cr Accued income (B/S) Prepaid expense Db Prepaid expense (B/S) Db Expense (P/L) Cr Expense (P/L) Cr Prepaid expense (B/S) Prepaid income (aka deferred income) release of amounts from B/S into P/L Db Income (P/L) Db Deferred income (B/S) Cr Deferred income (B/S) Cr Income (P/L)