1. Restart the course at the beginning
2. Read the chapters from the book for more complex topics
3. Device an algorithms for every possible accounting report
4. Do the exercises at the end of chapters

1. Income Statement
2. Statement of Financial Position
3. Statement of Cash Flows
4. Breakeven point (Ratios?)
5. Unit product cost
6. Variances (annual vs per month?)
7. Variance report for management

1. Users of Accounts:
   • Shareholders and Analyst Advisers
   • Lenders (Assets and the company's cash positions)
   • Suppliers and other trade creditors
   • Customers
   • Government Agencies such as tax authorities
   • Public
2. Basic terms: (Assets + Expenses = Liabilities + Equity + Income)
   • Income -- Total revenue of a business (even if they have not received the money for it yet)
   • Expenses -- Costs incurred in running a business (even if they have not yet been paid)
   • Assets -- Items owned by the business which will bring economic benefits
   • Liabilities -- Amounts a business owes to a third party
   • Equity -- Capital, the assets of a business less its liabilities to third parties
   • Profit -- Income less expenses
3. Income Statement:
   • First step
4. Statement of Financial Position:
   • First step
5. Statement of Cash Flows:
   • First step

6.

1. Definition:
   • Information on business performance
   • Targeted outside the business (Shareholders)
   • Required by Law
   • Income Statement, Statement of Financial Position, Statement of Cash Flows
2. Flow:
   1. Double-Entry Bookkeeping (Chapter 3)
   2. Preparation of the 3 main reports (Chapters 4-5)
   3. Ratios (Chapter 9)
3. Bookkeeping: (Double Entry)
   • Preparation of basic accounts
   • Every transaction holds receiving and giving of the value and is therefore recorded twice
   • For every transaction there must be a debit and a credit entry
   • These entries are equal and opposite
   • Accounts paid in are recorded on the debit side and paid out are on the credit side
4. Cases:

1. Definition:
   • Information on business performance
   • Targeted internal business decisions (by managers)
   • Cost Accounting and Decision making
2. Flow:
   1. Double-Entry Bookkeeping
   2. Preparation of the 3 main reports
   3. Ratios (Chapter 9)
3. Reports: -
4. Cases: