Study Guide

Objective

The student:
- is aware of the statutory requirements for accounting and financial statements
- knows how to post basic financial transactions
- knows basic accounting reports and can use them
- knows the structure of financial statements

Content

- basic concepts in financial accounting
- basic accruals; inventory change, depreciation
- using an accounting system
- handling of VAT in accounting
- journal, ledger, income statement, balance sheet

Qualifications

No prerequisities

Assessment criteria, satisfactory (1)

Student understands the role of accounting in a company and basic accounting principles.
Student understands the fundamental principles of the Finnish value-added tax system and how it impacts the design of business accounting.
Student has basic knowledge of financial statements and can make simple interpretations using available software.

Assessment criteria, good (3)

Student has a good understanding of the role of accounting in a company and can independently record transactions for a small business with domestic trade and simple payroll.
Student can apply the Finnish value-added tax system and prepare the necessary reports.
Student can prepare financial statements for a small business and describe their content and significance. Student is proficient in using accounting software.

Assessment criteria, excellent (5)

Student can describe the role of accounting and the principles of bookkeeping and can independently apply these in the financial management of a small business.
Student can independently apply the Finnish value-added tax system and design business accounting to meet all required standards.
Student can independently prepare financial statements and interpret and analyze them using available tools.