Process of Financial Statements (4cr)

Evaluation scale

1-5

Objective

The student is able to apply the key regulations related to bookkeeping and financial statements, and is able to understand the financial statement preparation process and how various factors affect the content of the financial statements. The student can analyse bookkeeping and financial statements as a description of a company’s operations and can name and identify the many tasks of external accounting. The student is able to identify possible business transactions and documents related to bookkeeping and financial statements.
The student is able to prepare financial statement reports and the management report based on the bookkeeping. The student can analyse special issues related to a limited liability company’s equity and is able to assess and analyse the company’s equity position based on the information provided. The student knows how to use various relevant information sources to solve problems.
The student knows the basic principles of sustainability reporting. The student understands the importance of the availability, usability, integrity, and security of information.

Content

- accruals
- valuation issues in the financial statements
- parts of the financial statements (balance sheet, income statement, notes, cash flow statement)
- balance sheet breakdowns, annual report
- the link between taxation and accounting
- financial reporting
- sustainability reporting
- limited liability company's equity and distribution of assets
- reconciliations and archiving for the financial year

Assessment criteria, satisfactory (1)

The student is able to apply the key and most common regulations related to accounting and financial statements, can prepare a financial statement, and understands how basic business transactions affect the content of the financial statement. The student is able to analyze accounting and financial statements in their essential aspects as a description of the company’s operations and can name and recognize the most common tasks of external accounting. The student can identify business transactions and documents related to accounting and financial statements. The student is able to prepare an income statement and balance sheet based on accounting records. The student can recognize basic issues related to the equity of a limited company and can assess the state of the company’s equity based on the information provided. The student is able to use various provided sources of information to solve problems.

Assessment criteria, good (3)

The student is able to apply the key regulations related to accounting and financial statements, can prepare a financial statement, and understands how various factors affect the content of the financial statement. The student is able to analyze accounting and financial statements as a description of the company’s operations and can name and recognize the many tasks of external accounting. The student can identify the key business transactions and documents related to accounting and financial statements.
The student is able to prepare documents related to the financial statement and the management report based on accounting records. The student can analyze fundamental issues related to the equity of a limited company and can assess and analyze the state of the company’s equity based on the information provided. The student is able to use various relevant sources of information to solve problems.

Assessment criteria, excellent (5)

The student is able to apply key regulations related to accounting and financial statements, can prepare a financial statement, and can identify the factors that affect it. The student is able to analyze accounting and financial statements as a description of the company’s operations and can name and recognize the various tasks of external accounting. The student can independently identify business transactions and documents related to accounting and financial statements.

The student can independently prepare documents related to the financial statement and the management report based on accounting records. The student is able to analyze specific issues related to the equity of a limited company and can assess and analyze the state of the company’s equity based on the information provided, as well as make proposals for changes if necessary, utilizing relevant legislation. The student is able to use various relevant sources of information to solve problems.

Qualifications

Sales process, Purchase process, Company administration processes 1 and 2, Payroll processes 1 and 2