Study Guide

Objective

Student
-understands how to valuate the inventory and knows how to notice them in the balance sheet.
-knows how to valuate fixed assets and the principles of depreciation
-is familiar to replacement reserves and revaluation funds
-can deal with VAT issues for both Finland and business abroad and is able to do the VAT reports

Content

1. Central principles of good accounting practice
2. Valuation and recognition of current assets
3. Depreciations
4. Replacement reserves
5.Revaluations
6. Deferred tax liabilities and -assets
7. Different forms of funding
8. VAT issues

Evaluation scale

H-5

Assessment criteria, satisfactory (1)

Student knows the most central principles of good accounting and can explain them.
Student understands how to valuate the inventory and knows how to notice them in the balance sheet. Student knows how to valuate fixed assets and the principles of depreciation.
Student knows the VAT system when it comes to doing business both within Finland and abroad.

Assessment criteria, good (3)

Student knows general accounting principles and understands how these affect daily work.
Student can valuate the inventory and knows how to notice them in the balance sheet. Student can valuate fixed assets and knows how to accrue them through depreciations. Student also understands the meaning of depreciations when it comes to taxation.
Student can deal with VAT issues for both Finland and business abroad and is able to do the VAT reports.

Assessment criteria, excellent (5)

Student knows general accounting principles and understands how these affect daily work. Student can interprete the standards from the Accounting Standards Board
Student can valuate the inventory and knows how to notice them in the balance sheet. Student can valuate fixed assets and knows how to accrue them through depreciations. Student also understands the meaning of depreciations when it comes to taxation.
Student is familiar to replacement reserves and revaluation funds.
Student can independently deal with VAT issues for both Finland and business abroad and is able to do the VAT reports.

Qualifications

Basics of Accounting