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Business Economics 1 for ECO: accounting summary - Tilburg university - Economics

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  • Course
  • Business Economics 1 for ECO: accounting
  • Institution
  • Tilburg University (UVT)
  • Book
  • Financial Accounting 10e ed

Instagram: ECOsummaries DM me for 20% discount! Summary for the course ''Business economics 1: Accounting'. This summary was written in order to study for the midterm as well as for the final. Everything you need to know is available in this summary. Advice: this summary alone will not be enough, ...

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  • Yes
  • July 17, 2020
  • December 6, 2020
  • 9
  • 2019/2020
  • Summary

Subjects

  • accounting
  • accounting summary
  • economics
  • tilburg unive
  • accounting tilburg university
  • tilburg university
  • economics tilburg university
  • accounting economics summary
  • business economics 1 for eco accounting

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  • Tilburg University (UVT)
  • Economics
  • Business Economics 1 for ECO: accounting
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BUSINESS ECONOMICS
1: ACCOUNTING
SUMMARY

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1

, Chapter 2
Current assets: Expected to convert into cash <1 year
Fixed assets: not converted into cash >1 year

Tangible assets: machines, office furniture, buildings
Intangible assets: copyrights, patents, goodwill

Assets: debit for increase
credit for decrease
Liabilities: credit for increase
debit for decrease
Equities: credit for increase when it goes up on the own side do the name of the
o own side. When it goes down do the other side name
debit for decrease
Revenues: credit for increase
debit for decrease
Expenses: debit for increase
credit for decrease

Notes payable: loans (short or long term)

Accounts payable: credit side
Accounts receivable: debit side

Chapter 3
Revenues are recognized when the goods are services are delivered.
* When cash is received before services → unearned revenue, but cash is recognized.
* When services are done before cash → accounts receivable, but revenues are recognized

Expenses are recognized in the period in which goods and services are used

Prepaid expense: paid before services are performed
Cost of goods sold: it’s an expense when you sell. You recognize the buying price.

Retained earnings: revenues – expenses

Chapter 4
deferred revenue: first cash and then service
accrued revenue: first service and then cash

If you pay 500 euro in advance it will become a revenue when you leave the plane.
(in cash-based accounting it instantly becomes revenue)

The moment you will use an asset it will become an expense, before that it isn’t an expense

Closing the books: revenue – all expenses = retained earnings
add or subtract the additional retained earnings from the original retained earnings on the beginning
journal.




2

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