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  5. Introduction to Financial Reporting (4QQMN501)

Summary

Summary of Final Accounts for Introduction to Financial Reporting
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  • Course
  • Introduction to Financial Reporting (4QQMN501)
  • Institution
  • Kings College London (KCL)

This document provides a summary of the Final Accounts topic needed for Introduction to Financial Reporting, a course taught by Dr. Andrew McFaull at Kings College London. It gives a summary of the structure of the final accounts, including the balance sheet and income statement. It also gives a co...

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Document information

  • April 12, 2023
  • 3
  • 2022/2023
  • Summary

Subjects

  • finance
  • financial reporting
  • accounting
  • final accounts
  • balance sheet
  • profit and loss account
  • depreciation
  • methods of depreciation
  • 202223

Written for

  • Kings College London (KCL)
  • Unknown
  • Introduction to Financial Reporting (4QQMN501)
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Content preview

BALANCE SHEET

Structure:

- Fixed Assets (non-current)
- Land
- Property
- Machinery
- Goodwill
- Current Assets
- Cash
- Trade Receivables
- Inventories
- Short-Term Marketable Securities
- Total Assets
- Current Liabilities
- Accrued Staff Wages
- Pension Liability
- Trade Payables
- Lease Liabilities (less than one year)
- Pending Court Cases
- Overdraft
- Tax Payable
- Non-Current Liabilities
- Bank Loan
- Lease Liabilities (more than one year)
- Total Liabilities
- Net Assets
- Equity
- Share Capital
- Share Premium
- Reserves


NET ASSETS = EQUITY

ASSET VALUATION

Historic Cost - pricing an asset based on the original cost when purchased
- Brand
- Machinery in Factory
It is adopted when the fair value method isn’t possible, it is the default.

- Difficult to value accurately.
- Cannot be bought and sole in a regi
Ulated market showing prices.
No certified valuators available for asset in question.

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