Zusammenfassung
Financial Management / Introduction to Accounting Summary
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1. Introduction to accounting1.1. Purpose of accounting
Net assets =equity = assets – liabilities
Net financial assets =cash + receivables - debt
Cash inflow / outflow = increase/decrease in cash
Proceeds/ expenditure = increase/decrease in net financial assets
Income/ expense = increase/decrease in net assets (unless caused by
contributions or withdrawals by shareholders)
Profit / loss = increase/decrease in equity, if not due to external changes
(i.e. withdrawal of money)
Costs = use of goods + services for the normal operating procedures
Basic costs = operating expenses = Costs identical to expenses
Output/ operating income = value of goods produced and services performed in the
course of normal operations
Output + costs focus on the operating process of the company
Neutral expenses = Expenses that are no costs
-non-operating expenses: not purpose of business, but expense. Ex: donation
-non-period related expenses: from events in prior periods. Ex: additional ta
payment.
-extraordinary expenses: rare and extraordinary amount. Ex: natural disaster,
catastrophal fire damage.
Imputed costs = Costs that are not expenses
-measurement differences: included in financial accounting but with different value.
Ex: depreciation
-additional costs: not included in financial accounting. Ex: imputed salary
1.2. Elements of financial satements
Balance sheet
A. Non-current assets A. Shareholders’ equity (net asses)
B. Current assets B. Provisions
C. Deferred epenses C. Debt/Payables
D. Deferred income
=Total assets =Total equity and liabilities
Income statement
= subaccount / subledger of equity that is reported separately for clarity
Used for analysis of the source of profits or losses; all income and expense items are
reported separately in the income statement
Balance sheet + income statements are mandatory parts of financial statements
Changes-in-equity-statement
Explains all changes in equity; profit/loss of a period, external changes or reclassifications
Not mandatory for all companies (German GAAP)
, Cash flow statement
Explains changes in cash and cash equivalents, based on cash inflows and outflows. Used for
analysis of where cash is generated or used by calculating cash flow from operating
activities, investing activities and financing activities
Not mandatory for all companies (German GAAP)
Notes and management report
=additional information about the content of the financial statements, verbal description
Not mandatory for all companies (German GAAP)
1.3. Accounting procedures
Accounts, debiting, crediting
Account= summary of similar transactions
Debit Account X Credit
Transaction 1 €A Transaction 3 €X
Transaction 2 €B Transaction 4 €Y
… …
If sum of all debit entries > sum of all credit If sum of all credit entries > sum of all debit
entries entries
→debit balance → credit balance
→ an increase or first recognition of an asset is always recorded as a debit entry = debiting
a decrease or disposal of an asset is recorded on the right side as a credit entry = crediting
Debit Account X Credit
Increase in assets Decrease in assets
Decrease in equity or liabilities Increase in equity or liabilities
expenses income
Sum of all debit entries=sum of all credit entries→= journalizing (double-entry bookkeeping)
Journal = document of all transactions (list of all transactions mixed just as they occurred)
Posting = transferring the individual entries of the journal to accounts (einfache T-Konten)
1. Opening of accounts: in a new reporting period: transfer the closing values of the
prior period to the new period
2. Journalizing and posting: individual transactions are journalized and posted to the
accounts
3. Closing of accounts: at the end of a reporting period, all accounts must be closed →
balance of the account is transferred to the closing balance sheet or the account that
is used for closing. → account is balanced and its balance is an additional item in the
closing balance sheet
Account to be closed Closing account
Income Income statement
Expense Income statement
Income statement Equity
Asset accounts Balance sheet
Equity accounts Balance sheet
Liability accounts Balance sheet
Subledger accounts Corresponding general ledger account
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