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A.U.E.B.

A.U.E.B.

Athens University of Economics and Business, Greece

S.U.S.K.O.

S.U.S.K.O.

Sofia University "St. Kliment Ohridski", Bulgaria

A.U.E.B.

A.U.E.B.

Athens University of Economics and Business, Greece

A.U.E.B.

A.U.E.B.

Athens University of Economics and Business

U.W.

U.W.

University of Warsaw, Poland

U.W.

U.W.

University of Warsaw, Poland

S.U.S.K.O.

S.U.S.K.O.

Sofia University "St. Kliment Ohridski", Bulgaria

T.U.K.E.

T.U.K.E.

Technical University of Kosice, Slovakia

Balance Sheet Issues

Module 5 aims at introducing the user to the concepts of the preparation of financial statements at the end of a reporting period such as: the technical organization and procedures related to the closing of the accounting books, annual stocktaking, adjustment entries, valuation of assets and liabilities as at the balance sheet day and impairment of assets. Furthermore, a brief analysis of events after the reporting period, (i.e., prepayments, accruals, provisions, calculation of  depreciation and allowances) is provided.

When completing this module the user will be able to:

  • Describe rules, technical organization and procedures related to the closing of the accounting books and preparing financial statements.
  • Define events after the reporting period and decide what should be presented in the financial statements.
  • Define rules and methods for conducting annual stocktaking.
  • Describe rules and procedures for adjustment entries based on the trial balance. 
  • Record in the general journal entries regarding depreciation, allowances, prepayments and accruals, as well as provisions.
  • Define methods of valuation of assets and liabilities at the balance sheet day (end of the reporting period), identify impairment of assets, practice basic accounting for valuation of property, plant and equipment as well as construction in progress.

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