Balancing of Accounts — University of Liechtenstein (2024)

Semester:WS 22/23

Type:Module

Language:German

ECTS-Credits:3.0

Scheduled in semester:2

Semester Hours per Week / Contact Hours:30.0 L / 22.5 h

Self-directed study time:67.5 h

Module coordination/Lecturers

• MMMag. DDr. Markus Jehle (Modulleitung)
  

Curricula

Bachelor's degree programme in Business Administration (01.09.2012)

Events

• C21_RW II: Balancing of Accounts

Description

Techniques of financial statements (with/without form sheet), elements of annual financial statements (balance sheet, earnings- & loss statement, notes, status report), balancing of accounts in general, standard of valuation (acquisition costs, cost of production, fair value), principles of balancing of accounts (prudence concept, realization principle, valuation at the lower of cost or market principle, maximum value principle), earnings- & loss statement income by nature format versus income by function format, profit distribution in corporations (with/without lock outs) and partnerships, options to capitalize, options to carry as a liability, fixed assets analysis, receivables analysis, foreign currencies receivables und foreign currencies liabilities, liability provisions analysis, liabilities analysis, special types of liability provisions, contingent liabilities, booking of various grants, income based taxes and adjustments of tax base rates, corporations in crisis (over-indebtedness), deferred taxes (deferred tax expenses and deferred tax revenues).

Qualifications

• • Know the tasks, functions and methodology of accounting and report on effects of booking records. Understand accounting as a supplement in the context between commercial and tax provisions, and are able to explain differences between financial statements of different legal forms of businesses (individual companies, partnerships, corporations).Analyze concrete situations for their relevance to accounting, identify valuation problems in the scope of fixed assets, current assets, deferrals, accruals and liabilities. Develop proposals based on given problems or based on questions arising on the part of fellow students in the bookkeeping and accounting course.Assess different accounting techniques concerning their advantageousness or practicality and are able to recognize and describe interconnections between accounting and other subjects.
• • Reproduce accounting techniques in terms of posting records together with balance sheet and income representations.Understand the work techniques of accounting, as well as the meaning of subject-specific forms of expression and are able to reconstruct the underlying situation when posting records (reading of posted records).Are able to solve accounting problems, execute measures leading to effects on the fiscal and commercial income, calculate values for income based taxes and adjustments of tax bases, utilize different valuation methods and create a detailed end-of-year report.Analyze concrete situations for their relevance to financial accounting and compare alternative posting or income recognition techniques.Record the two income recognition techniques and accounting on a cash basis as two different concepts of income recognition.Evaluate and assess their own work based on jointly compiled or given solutions
• • Understand the oral presentation by the lecturer (input, questions and solutions) and pay attention to the remarks of their fellow students. Operate partly in partner work on solutions to exercises given by the lecturer, as well as in group work within self-study.Assess suggestions for solutions from fellow students, evaluate their own approaches to solutions (ability to criticize).Distinguish themselves through capacity for teamwork, communication skills and ability to cooperate.Represent and justify their own approaches to solutions during criticism by the lecturer or fellow students (ability to accept criticism).
• • Perceive their own learning ability and willingness to learn.Communicate independently, reflect on their own behavior and carry out an appropriate self-assessment.Take on responsibility through self-discipline, flexibility and target orientation.Are characterized by their full commitment, duteousness and reliability. Represent their independence and self-motivation and thereby positively influence their determination to be top performers.

Admission Requirements

All contents of the module Financial Accounting.