Summary

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.

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Uploaded on November 2, 2024
Number of pages 36
Written in 2024/2025
Type Summary

coso
risk assessment
control environment
internal control
17 principles
control activities
monitoring
risk
journal entries
invento
financial reporting and risk management
communication and information

Institution
Rijksuniversiteit Groningen (RuG)
Education
International financial management
Course
EBM168A05

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, Literature week I. → ch 2 (106-121), ch3
(162-172), (178-194), ch5 (314 bottom-332)

Exercises week I T-accounts
Cash Assets
P266 A

A. $64.000 C. $66.000 A.$102.000
B. $70.000 E. $3.000 C. $66.000
F.$4600 H. $400 D. $800
j. $4.200 K.$2.200 & $1200

Shareholders equity Notes payable
A. $166.000 H.$400 B. $70.000
D. $800
I.$1.100

Wages expense Accounts receivable
E.$3.000 G. $6.000 j. $4.200

Service revenue Utility expense
F.$4600 I.$1.100
Rent
G. $6.000
K.$2.200
Advertising expense
K.$1.200

, Trial balance November 2x16
Cash $70.000
Acc. Receivable $1800
Assets $168.800

Shares capital $166.000
Notes payable $71.500
Service revenue $10.600

Utility expense $1.100
Rent expense $2.200
Advertising expense $1.200
Wages expense $3.000
Total: $248.100 $248.100
Adjustment entries
P363Aa Insurance expense $2800
Prepaid insurance expense $2800

D Wages expense $2480
Cash or wages payable $2480

C Interest receivable $500
Interest revenue $500

D Supplies expense $6700
Supplies $6700

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.

Reporting objectives: internal, external and
non-financial reporting; reliability,
timeliness, transparency ect.

Compliance objectives: adherence to laws
and regulations

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