Financial reporting and risk management summary of the whole course
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Course
EBM168A05
Institution
Rijksuniversiteit Groningen (RuG)
Summary of all the course material, including lecture notes, ING guest lecture and all the requires readings (articles). This summary consist of everything to prepare you for the exam.
E Unearned service revenues $10500
Service revenues $10500
F Depreciation expense. $8200
Accumulated depreciation $8200
,P364 A Adjusted trial balance and financial statements
,Bank reconsiliation Explanation
In transit: doesn't come
back in bank statement, so
In transit still needs to be reported.
& in transit
-
Deposit
checks
-
Out of this info, the reconciliation needs to be made.
-
2
Ending balance bank
statement
⑫
Ways to derive - T account Cash ending
balance
②
-
Last step is to make the journal entries, see other page!
, Differences between accounts receivable and notes receivables
Notes receivables are more formal contracts. The borrower signs a written promise and
pays the lender a definite sum at a future dale, plus interest. The lender has collateral
if the borrower is not able to pay the notes Plus interest back.
E5-39Bstartswith starts witen
-
must be equal
, P5-66A
Lecture I: Risk introduction, Business transactions, accrual accounting, receivables.
To
What is risk?—> Risk is related to uncertainty of outcome. it can result in positive
OR negative outcome.
Risk assessment tool for business purposes: COSO framework (1992,2013)
• committee of sponsoring organizations of the treadway Commission (coso).
• joint initiative of private sector organisations; American accounting Association,
aicpa, FEI, ima and the institute of internal auditors.
• COSO provides thought leadership through the development of frameworks and
guidance on;
1. Enterprise risk management.
2. Internal control
3. Fraud deterrence
Operations objectives: pertain to
r
effectiveness and efficiency of the entity's
operations, including performance goals.
Compliance objectives: adherence to laws
and regulations
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