100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Financial and Management Accounting I summary $4.29
Add to cart
Quickly navigate to
Preview
  2.  
  3. Avans Hogeschool (Avans)
  4.  
  5. Financial and Management Accounting I (ISIB1BEFMA101)

Summary

Financial and Management Accounting I summary
 1 purchase
  • Course
  • Financial and Management Accounting I (ISIB1BEFMA101)
  • Institution
  • Avans Hogeschool (Avans)

A summary of financial accounting chapter 1, 2, 3 + management accounting chapter 1, 2, 3 + power points and lectures. With examples and definitions of terms. It is based on the course of International Business Year 1

Preview 4 out of 14  pages

Document information

  • January 4, 2022
  • 14
  • 2021/2022
  • Summary

Subjects

  • finance
  • accounting
  • management
  • international busness
  • english
  • financial and management accounting i
  • avans
  • summary
  • samenvatting

Written for

  • Avans Hogeschool (Avans)
  • International Business & Management
  • Financial and Management Accounting I (ISIB1BEFMA101)
All documents for this subject (1)

Seller

avatar-seller
imanalogger

Reviews received

Content preview

Financial & management accounting
Training 1 Chapter 1 Summary powerpoint:

Terms:

Stockholder: (aandelhouders) Someone who own a bit of a company. They have right on dividend.

Creditor: (schuldeiser) People who you own money. People how make money by giving loans
(leningen) and charging interest for them.

Dividends: The stockholder receives a portion of the profit the company makes.

Revenues: inkomsten
Expenses: uitgaven

Gain= all other profits you make buy selling things different than your inventory such as that you sell
your chairs and tables.

Fixed costs: vaste kosten/ non-current assets

Accounting: A system that collects and processes financial information about an organization. This
information is needed for decision makers such as managers (internal decision makers) and
Stockholders, creditors, investors, suppliers, customers. (external decision makers)

Financial accounting reports: For external decision makers. Less detailed information.
Managerial accounting reports: For the managers. Detailed plans and continuous performance
details.

The business operations:

1. Purchase parts and the labor.
2. Manufacture the product.
3. Sell the products to consumers.
4. External financing.
5. Collect cash from costumers and pay the creditors.

Accounting is used for decision making of planning and control.
Planning Describes haw the organization will achieve its goals.
Control The process of doing the plans and evaluating if the goals have been achieved.



Pretax income= inkomsten voor belasting

Income taxs expence= inkomstenbelastingen



Inventory: Items made to sell to customers.

Supplies: Things the company uses for themselves. For example: papers, pens.




1

, Balance sheet:
Balance sheet: (Balans) An overview of the amount of assets, liabilities and stockholders’ equity in a
company at one point in time.

Assets: Something of value that your company owns.
Liabilities: Depts (schulden) Anything your company owes someone.
Stockholders’ equity: (eigenvermogen) Assets- liabilities. Financing of the company provided by the
owners and shareholders.

Assets = Liabilities + stockholders’ equity.

Balance sheet:
Assets: Liabilities:
Short- term assets: Short-term liabilities:
 Cash  Accounts payable (Crediteuren)
 Short-term investment  Accrued expenses/ accrued
 Accounts receivable liabilities: Amounts owed for
(debiteuren) wages, salaries and interest.
 Notes receivable (a written  Notes payable (borrowed
promise that another party is amount + interest)
going to pay)  Income taxes payable: (The taxes
 Inventory (voorraad) you owe the government)
 Supplies  Unearned revenue (customer
 Prepaid expenses pays for services that not yet
(vooruitbetaalde kosten: Rent, have been performed.
insurance.)
Long-term liabilities:
 Long-term loans
 Mortgage (hypotheek)


Long-term assets: Long-term stockholders ‘equity:
 Long -term investments  Contributed capital
 Equipment (eigenvermogen) Consists of:
 Buildings Common stock and additional
 Land paid in capital
 Intangibles (f.e. patent,  Retained earnings profit from the
goodwill) previous period that is saved so
 - Accumulated depreciation they can spend it later.
(noted as a negative asset)
*Add the profit of the P&L account to retained earnings!




2

, Income statement:
Income statement: (winst&verliesrekening) Revenues and expenses a company has within a year. It
shows you the profit or loss.

Revenues: ontvangsten
Expenses: kosten

Revenues – expenses = Net income




Gross margin: revenues – costs of sold
goods

Operational margin: gross margin – selling
expenses and other costs.

Profit before tax= operational margin +
interest income and other income.

Profit acter tax= profit before tax – income
taxes




Profit and loss account:

Debit Credit
Expenses Revenues
Depreciation
expense
Total Total




3

, Training 2 Summary of PowerPoint chapter 2
Assets are divided in 2 categories:

 Current assets: All the assets that the company expects to sell or convert in to cash within 1
year. For example: cash, bank, inventory (is always current).
 Non-current assets: (fixed assets) Long term assets that won’t be used or sold in the next
year. F.e. intangible assets (goodwill (the price you pay for the good brand name. You pay for
future cash that you will earn because of the brand), patent, copywright).

Liquid assets: Assets that can easily be converted in to cash.

Rules of assets:

- Assets are measured in the historical worth. The value at which they were purchased.
- The assets are in order of liquidity. Least liquid first to most liquid.

Fiscal year: The period over which a financial report runs.

Accounts receivable: the amount customers owe to the company. (debiteuren)

Prepaid expenses: payments that are paid in advance to suppliers. (F.e. rent, insurance)

Depreciation: (afschrijving) The depreciation are calculated over the used time and not since they
were bought. Noted on the P&L account/ income statement.
Amortization: afschrijving for intangible assets.

Accumulated depreciation: Noted on the balance sheet as a negative number. In a T-account notes
on the credit side!



The amount of depreciation depends on:

1. The depreciable amount: purchase price – residual value (restwaarde)
2. Residual value= (restwaarde) The amount a company expects to receive at the end of the
economic value.
3. The estimate of the asset’s useful life (the time it is profitable to use).

Depreciation methods:

 Straight line method (each year the same amount)
 Accelerated depreciation (more in the first years)
 Activity based method (hours machine is used)

Net book value: What an asset is really worth. Net book value= original price – depreciation

Intangible assets can be categorized as:

- Indefinite lives: an asset with a life frame. For example patent. It has depreciation.
- Indefinite lives: they do not depreciate. For example a brand name.

Liabilities are divided in 2 categories:

 Current liabilities: the debt that are due within a year.
 Non-current liabilities: Debts that are due minimal over a year.


4

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller imanalogger. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $4.29. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69411 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$4.29  1x  sold
  • (0)
Add to cart
Added