Accounting and Finance for Non-Specialists Class Summary with exercises
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Course
Finance & Accounting
Institution
NHL Stenden Hogeschool (NHL)
The Accounting and Finance for Non-Specialist summary is an invaluable resource for anyone looking for a comprehensive and approachable guide to the world of accounting and finance. Whether you're a business owner, a finance or accounting professional, or just someone with an interest in understand...
,Week 2
- Financial position (Balance sheet)
- Income statement (profit and loss account)
- Statement of cash flow
Balance sheet
o Giving the financial position
o Car = €23.950
Bank loan = €20.000
Equity = €3.950
Financial position
Asset €23.950 Equity €3.950
Liability €20.000
Giving the financial position on a specific moment
→ 1 year later
Financial position
Asset €19.000 Equity €1.400
Liability €17.600
BUT…
o What happened during the past year?
€3.950 → €1.400
→ Profit and loss account (income statement)
o Does the owner have enough money to pay for gass?
→ Statement of cash flow
, Prepare the statement of financial position on 20 June last year.
Step 1 → look for non-current assets
Step 2 → look for current assets
Step 3 → look for the equity
Step 4 → look for non-current liabilities
Step 5 → look for current liabilities
Step 6 → calculate the equity
Non-current assets Equity
Motor vehicles 38 ……. → 441
Equipment and tools 207
Property 320 Non-current liabilities
Long term borrowing 260
Current assets
Inventories 153 current liabilities
Trade receivables 185 Trade payable 85
Short-term borrowings 116
-------------------------------------------- total --------------------------------------- total
903 903
(903-116-85-260 = 441 → so, equity is 441)
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