BØK 3657 Financial Accounting and Bookkeeping
BØK 3657 Financial Accounting and Bookkeeping
This course is part of the statutory study plan to obtain approval as a Norwegian state-authorized accountant. The study meets the requirements of the Accountant Act of December 16, 2022, No. 80 § 3-1 and the UHR Recommended Plan BØA - specialization accountant (BØA-RF) of June 22, 2023.
Students shall acquire knowledge of the most central challenges related to recognition, measurement, and presentation of annual financial statements in accordance with good accounting practices. This shall provide a basis for reflecting on central aspects of the theoretical foundation of financial accounting. Furthermore, the course shall provide a basis and in-depth knowledge of the accounting regulations and their application, as well as various issues related to VAT accounting.
Financial Accounting
- In-depth knowledge of basic accounting principles and good accounting practices.
- In-depth knowledge of recognition and measurement of the most important financial statement items.
- In-depth knowledge of accounting rules for small enterprises, including notes.
- Familiarity with other regulations for notes and annual reports, including sustainability reporting.
- Understanding the most central differences between accounting and taxation.
- Ability to explain the need for consolidated financial statements and the principles of eliminating intra-group transactions.
- Understanding of and ability to reflect on the information needs of users and the need for accounting regulation.
- Knowledge of income statement and balance sheet orientation.
- Familiarity with IFRS and simplified IFRS and ability to apply selected IFRS standards, including those for property, plant, and equipment.
- Understanding the difference between business economic theory and financial accounting.
Knowledge - Bookkeeping
- In-depth knowledge of basic bookkeeping principles and central aspects of good bookkeeping practice.
- Knowledge of bookkeeping and quality assurance of transactions and other events in the accounts, including analysis of the accounting consequences of different VAT treatments.
- Knowledge of preparation and quality assurance of external financial reporting using reconciliations and other analytical techniques.
Upon completion of the course, students should be able to:
- Prepare annual financial statements, including tax items and appropriation of results, for a limited liability company.
- Prepare a simple consolidated financial statement, including tax and minorities.
- Be able to record and quality assure transactions and other events in the accounts, including the consequences of different VAT treatments, and be able to prepare and quality assure external financial reporting using reconciliations and other analytical techniques.
- Analyze cash flows, based on knowledge of the difference between business economic theory and financial accounting.
Students shall be familiar with the theoretical foundation and central rules of bookkeeping and accounting and develop an awareness of the importance of correct financial reporting.
- Financial Accounting
- Basic accounting principles and good accounting practices.
- Recognition and measurement of the most important financial statement items.
- Accounting rules for small enterprises, including notes.
- Other regulations for notes and annual reports, including sustainability reporting.
- Central differences between accounting and taxation.
- Consolidated financial statements and the principles of eliminating intra-group transactions.
- Income statement and balance sheet orientation.
- IFRS and simplified IFRS and the ability to apply selected IFRS standards, including those for property, plant, and equipment.
- The difference between business economic theory and financial accounting and the ability to analyze cash flows.
- Understanding of and ability to reflect on the information needs of users and the need for accounting regulation.
- Bookkeeping
- Basic bookkeeping principles and central aspects of good bookkeeping practice.
- Knowledge of bookkeeping and quality assurance of transactions and other events in the accounts, including analysis of the accounting consequences of different VAT treatments.
- Knowledge of preparation and quality assurance of external financial reporting using reconciliations and other analytical techniques.
Teaching is based on 90 hours of lectures. Reading plans and exercise suggestions are provided to ensure students have good continuity and progress in the subject.
E-Learning
Where the course is delivered as an online course, the lecturer will, in collaboration with the study administration, arrange an appropriate combination of digital learning resources and activities. These activities will correspond to the stated number of teaching hours delivered on campus. Online students are also offered a study guide that will provide an overview of the course and contribute to course progression. The total time students are expected to spend completing the course also applies to online studies.
Higher Education Entrance Qualification
Disclaimer
Deviations in teaching and exams may occur if external conditions or unforeseen events call for this.
The course requires prior knowledge from the following courses or equivalent:
- BØK 3422 Business Economic Analysis
- BØK 3423 Finance
- BØK 3532 Financial Accounting and Accounting Analysis
- BØK 3541 Economics and Business Management
| Assessments |
|---|
Exam category: School Exam Form of assessment: Written School Exam - digital Exam/hand-in semester: First Semester Weight: 100 Grouping: Individual Support materials:
Duration: 6 Hour(s) Exam code: BØK 36571 Grading scale: ECTS Resit: Examination every semester |
| Activity | Duration | Comment |
|---|---|---|
Teaching | 90 Hour(s) | |
Prepare for teaching | 70 Hour(s) | |
Student's own work with learning resources | 120 Hour(s) | |
Group work / Assignments | 120 Hour(s) |
A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 15 ECTS credit corresponds to a workload of at least 400 hours.