ABL-C1111 - Introduction to Financial Accounting, Lecture, 5.9.2022-17.10.2022
This course space end date is set to 17.10.2022 Search Courses: ABL-C1111
Topic outline
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After having successfully completed the course you should be able to
- Fully comprehend the accounting equation and double entry-accounting
- Understand and be able to explain the difference between cash and accrual accounting
- Prepare financial statements from the source data based on accounting transactions
- Read, understand, and examine the data in an annual report, hereunder the key components in the financial statements
- Develop financial ratios for a company and analyze the information content of these measures to make sound business decisions
- Identify and explain selected components of sustainability information provided by companies
Course description can be found here.
In case you are still in doubt about the importance of learning accounting, have a look at what Professor Norm Nemrow has to say (you do not have to agree with his taste of home furnishing, but you surely can agree with what he says):
Looking forward to seeing you soon!
Cheers,
Nina
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Official course feedback Quiz
You can earn 1 extra point in case you submit official course feedback. I am very interested to hear what has worked and what didn't work, so hopefully you have time to provide feedback. Answer to this quiz in case you have provided feedback. Deadline is on Monday 17.10.2022.
Cheers,
Nina
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Discussion Forum
Here you can chat and ask questions related to the course.
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Learning objectives
1. Understand the role of accounting in communicating financial information
2. Understand the underlying accounting concepts in the IFRS Conceptual Framework
3. Obtain insights into business operations through financial statements
4. Identify financial statements and their inter-relationships
5. Understand the role of ethics in accounting
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Learning objectives
1. Explain what a business transaction is
2. Keep track of financial statement items
3. Analyze the impact of business transactions on accounts
4. Record (journalize and post) transactions in the books
5. Construct and use a trial balance
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Learning objectives
1. Explain how accrual accounting differs from cash-basis accounting
2. Apply the revenue and expense recognition principles
3. Adjust the accounts
4. Prepare updated financial statements
5. Close the books
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Learning Objectives
1. Appreciate the role of annual reports as a communication tool
2. Know the general presentation requirements of financial statements
3. Understand presentation requirements for Statement of Financial Position
4. Understand presentation requirements for Statement of Comprehensive Income
5. Understand presentation requirements for Statement of Changes in Equity
6. Evaluate a company’s short-term liquidity
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Learning Objectives
1. Understand the role of internal controls and corporate governance
2. Apply internal controls over cash receipts and cash payments
3. Prepare and use a bank reconciliation
4. Account for receivables and its potential impairment
5. Evaluate a company's ability to collect receivables
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Learning Objectives
1. Understand the nature of inventory and retailing operations
2. Record inventory-related transactions
3. Understand and apply different inventory cost assumptions
4. Analyze effects of inventory errors
5. Evaluate a company’s retailing operations
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Learning Objectives
1. Understand the different types of long-term assets
2. Determine the cost of PPE on initial recognition
3. Understand when to capitalize or expense subsequent costs
4. Measure and record depreciation
5. Account for PPE
6. Understand the recognition and subsequent measurement of intangible assets
7. Evaluate a company’s performance based on its assets
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Learning Objectives
1. Understand categories of financial asset investments
2. Use the equity method for investments
3. Understand the concept of consolidated financial statements
4. Account for international operations and transactions
5. Evaluate a company’s overall performance
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Learning Objectives
1. Understand the various types of liabilities
2. Account for contingent liabilities
3. Account for bonds
4. Account for leases
5. Analyze the advantages and disadvantages of borrowing
6. Evaluate a company’s debt-paying ability
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Learning Objectives
1. Explain the features of a corporation
2. Account for the issuance of shares
3. Account for treasury shares
4. Account for other equity transactions
5. Understand the different values of shares
6. Evaluate a company’s return to equity holders
No exercises for Chapter 10
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Learning Objectives
1. Identify the purposes of the statement of cash flows
2. Distinguish among operating, investing, and financing cash flow activities
3. Prepare cash flows from operating activities using the indirect method
4. Prepare cash flows from investing activities
5. Prepare cash flows from financing activities
6. Prepare cash flows from operating activities using the direct method
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This course includes 2 mid term quizzes. Both of the quizzes cover 15% of the final grade (so all together 30%).
Quizzes are based on the lectures and textbook.
Quizzes includes 30 multiple choice questions (0,5p/question) and you have 60 min time to complete the quiz. MyCourses will draw the questions from question bank so not everyone has the same questions.
Bear in mind that the timing of the quiz is tight. You will NOT have time to look everything up, but as in a normal exam, are expected to know and understand the content beforehand.
Navigation method is free and no minus points are included, so if you don't know the answer just guess :-)
GOOD LUCK! -
This is the final exam of ABL-C1111 Introduction to Financial Accounting based on lectures, textbook and any other material covered during the course. You have 3 hours to finalize this online exam.
During the exam you shall follow academic ethical code. Well-grounded suspicions of cheating, including messaging with others during the exam or use of text written by others will lead to a rejection of the exam.
You can use the textbook and other course related material during the exam. You are not allowed to search material on the internet during the exam, copy materials from others, nor discuss (or use any messaging application) during the exam. DO NOT COPY-PASTE FROM SLIDES OR TEXTBOOK (NOR INTERNET).
Bear in mind that the timing of the exam is tight. You will NOT have time to look everything up, but as in a normal exam, are expected to know and understand the content beforehand and conduct your own analysis and conclusion.
The limited time in the exam is considered in the grading.
The structure of the exam is described as follows
- Multiple choice questions (25P)
- Problem 1 (6P)
- Problem 2 (9P)
- Problem 3 (6P)
- Problem 4 (9P)
- Problem 5 (9P)
- Problem 6 (6P)
MyCourses will draw the questions and calculator/excel will be needed in the exam. No need to submit your solutions.
I wish you all the best in the exam,
Nina Sormunen
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This is the 2. exam of ABL-C1111 Introduction to Financial Accounting based on lectures, textbook and any other material covered during the course. You have 2 hours to finalize this online exam.
During the exam you shall follow academic ethical code. Well-grounded suspicions of cheating, including messaging with others during the exam or use of text written by others will lead to a rejection of the exam.
You can use the textbook and other course related material during the exam. You are not allowed to search material on the internet during the exam, copy materials from others, nor discuss (or use any messaging application) during the exam. DO NOT COPY-PASTE FROM SLIDES OR TEXTBOOK (NOR INTERNET).
Bear in mind that the timing of the exam is tight. You will NOT have time to look everything up, but as in a normal exam, are expected to know and understand the content beforehand and conduct your own analysis and conclusion.
The limited time in the exam is considered in the grading.
I wish you all the best in the exam,
Nina Sormunen