Lecture Note_Alto_MBA_Financial control_Prof Teemu Malmi

Financial AccountingIFRS 4th EditionWeygandt ● Kimmel ● KiesoChapter 7Fraud, Internal Control, and Cash49 Copyright ©2019 John Wiley & Son, Inc.Written order signed by depositor directing bank to pay aspecified sum of money to a designated recipient.Writing ChecksMakerPayeePayerILLUSTRATION 8.9Check with remittance adviceElectronic Funds Transfer (EFT) System• Disbursement systems that use wire, telephone, orcomputers to transfer cash from one location toanother• Use is quite common• Normally result in better internal control since nocash or checks are handled b

Financial AccountingIFRS 4th EditionWeygandt ● Kimmel ● KiesoChapter 10Current Liabilities4 Copyright ©2019 John Wiley & Son, Inc.What is a Current Liability?Accounting for Current LiabilitiesA debt that a company expects to pay1. from existing current assets or through the creation ofother current liabilities, and회사의 유동자산으로 1년 혹은 영업주기내 갚아야 할 빚2. within one year or the operating cycle, whichever islonger.Current liabilities include notes payable 지급어음, accounts payable매입채무, 미지급금, 단기차입금, unearned r

Financial Statements(1/2)LO 469 Copyright ©2019 John Wiley & Son, Inc.Preparing Financial Statements(2/2)LO 4Qualities of Useful InformationFundamental Qualities 근본적 질적특성85 Copyright ©2019 John Wiley & Son, Inc. LO 6*relevance 목적적합성 faithful representation 충실한 표현Qualities of Useful InformationEnhancing Qualities 보강적 질적특성86 Copyright ©2019 John Wiley & Son, Inc. LO 6*Quality: It means:Comparability비교가능성(1) Different companies use the same accountingprinciples, and(2) A company uses the same accounting principles an

Note that the dividend reduces retained earnings, which is part of equity. Dividends are not expenses.Like shareholders’ investments, dividends are excluded in determining net income.Companies prepare five financial statements from the summarized accounting data.47 Copyright ©2019 John Wiley & Son, Inc. LO 5Financial Statements1. Income statement 손익계산서: presents the revenues and expenses andresulting net income or net loss for a specific period of time.2. Retained earnings statement 자본변동표(이익잉여금 변동표): summarizesthe changes in retained earnings for

Financial Statements(1/2)LO 469 Copyright ©2019 John Wiley & Son, Inc.Preparing Financial Statements(2/2)LO 4Qualities of Useful InformationFundamental Qualities 근본적 질적특성85 Copyright ©2019 John Wiley & Son, Inc. LO 6*relevance 목적적합성 faithful representation 충실한 표현Qualities of Useful InformationEnhancing Qualities 보강적 질적특성86 Copyright ©2019 John Wiley & Son, Inc. LO 6*Quality: It means:Comparability비교가능성(1) Different companies use the same accountingprinciples, and(2) A company uses the same accounting principles an