Financial Accounting - intermediate

The course is an advanced course in financial accounting, with emphasis on preparing a financial statement for a limited company (LTD).

The objective of the course is to give a good understanding of the conceptual framework, basic measurement problems and techniques in preparing a financial statement in accordance with Norwegian accounting legislation and good accounting practice in Norway (NGAAP), including an introduction to group accounts. The course also gives a basic knowledge of using computers in recording of transactions and other events in the accounts.

Knowledge

The Student

• has knowledge of the fundamental bookkeeping principles in the Norwegian bookkeeping act.
• has knowledge of the regulation for public accountants
• has in-dept knowledge of recognition and measurement of assets, liabilities, income and expenses in an annual account in accordance with Norwegian accounting act and good accounting practice (NGAAP), with emphasis on:
  • Fixed assets
  • Inventory (stocks)
  • Receivables
  • Shares
  • Liabilities including income tax
  • Equity and distribution of sharedividends to shareholders
• has insight into good accounting practice for small enterprises
• has knowledge of use of computers in recording transactions and other events in the accounts

Skills

The Student

• can recognize necessary adjustments and prepare annual accounts for a limited liability company (Ltd) in accordance with Norwegian accounting act and good accounting practice (NGAAP).
• can prepare consolidated accounts for a group of small enterprises

Competences

The Student

• can aquire new knowledge within the above-mentioned subject areas.

Lectures and exercises.