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

-Central principles of good accounting practice
-Valuation and recognition of current assets
-Depreciations
-Replacement reserves
-Revaluations
-Different forms of funding
-VAT issues

Evaluation scale

H-5

Assessment criteria, satisfactory (1)

Students know the most central accounting principles and can explain the meaning of the concept of good accounting practice.

Students understand how the inventory/current assets are valued in the balance sheet and know different ways to recognized them as income. Students know the valuation of fixed assets and understand depreciations according to plan.

Students are familiar with special issues regarding VAT system for business transactions within Finland and outside the country's borders.

Assessment criteria, good (3)

Student knows general accounting principles and understands how these affects daily work.

Students can value the Inventory/current assets in the financial statement and know different principles for revenue recognition. Students can value fixed assets and can accrue these depreciations according to plan. Students are also aware of the possibilities for depreciation in addition to plan, i.e., in taxation.

Students can handle issues regarding VAT in business transactions within Finland and abroad from an accounting perspective as well as being able to submit the reports required by the authorities.

Assessment criteria, excellent (5)

Student knows general accounting principles and understands how these affects daily work. Student can interpret the standards from the Accounting Standards Board.

Students can independently value the Inventory/current assets in the financial statements and can apply different principles for revenue recognition. Students can value fixed assets can independently accrue these depreciations according to plan. Students can also take advantage of the opportunities for depreciation in addition to plan. Concepts such as replacement provision and revaluation funds are familiar to them.

Students can independently handle issues regarding VAT in business transactions within Finland and abroad from an accounting perspective as well as being able to submit the reports required by the authorities.

Qualifications

Basics of Financial Accounting
Financial Accounting in different Forms of Companies and Organizations