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Exam summary block 1 – F&A Finance and Accounting $11.29
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Exam summary block 1 – F&A Finance and Accounting

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  • Course
  • IBPIBU120R1 (IBPIBU120R1)
  • Institution
  • Hogeschool Rotterdam (HR)

Exam summary Block 1 business, the Course year International Business. Book: Introduction to International Business by Pearson, ISBN 6631. Hogeschool Rotterdam. Exam summary – F&A Finance and Accounting.

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Document information

  • October 27, 2020
  • 7
  • 2020/2021
  • Summary

Subjects

  • exam summary
  • block 1 business
  • 2020 2021
  • international business
  • 9781839616631
  • finance and accounting
  • introduction to international business
  • pearson
  • fa
  • hogeschool rotterdam

Written for

  • Hogeschool Rotterdam (HR)
  • International Business and Management Studies
  • IBPIBU120R1 (IBPIBU120R1)
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Exam summary – F&A Finance and Accounting

Contents
Chapter 14 – Introduction to Accounting and Finance.......................................................................2
Chapter 15 – Measuring and Reporting Financial Position.................................................................5

, Chapter 14 – Introduction to Accounting and Finance
Accounting  Concerned with collecting, analyzing and communicating financial information.
 Aim  To help those using this information to make more informed decisions.
Finance (financial management)  Concerned with the ways in which funds for a business are raised
and invested.

 For business, Critical that they raise and invest money in the most efficient and effective way.
 Understanding of finance helps identifying:
o Main forms of finance available.
o Costs and benefits of each of finance.
o Risks associated with each form of finance.
o Role of financial markets in supplying finance.

- The users/stakeholders of Accounting Information:




- For accounting to be useful, it must be clear for whom and for what purpose the information will be
used.

- Accounting can be viewed as a form of service as it involves providing financial information to
various users.
-To provide a use service, accounting must possess certain qualities, or characteristics:
 Relevance  Accounting information should make a difference.
o Capable of influencing user decisions.
o Help predict future events and confirm past events, or both.
o To be relevant  cross threshold of materiality  Item is considered, or significant,
if its omission or misstatement would change decisions that user make.
 Faithful representation  Accounting information should represent what it is meant to
represent.
o Information provided must reflect the substance of what has occurred rather than
simply its legal form.
o To provide perfectly faithful representation  Information should be complete.
 Comparability  User of accounting seek to make comparisons.
 Verifiability  Provides assurance to users that the accounting information provided
faithfully portrays what is it supposed to portray.
 Timeliness  Accounting information should be made available in time for users to make their
decisions.
 Understandability  Accounting information should be presented in as clear and as concise
a form as possible.

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