Various types of mandatory accounting (cash basis accounting, flat rate, double entry bookkeeping) The components and objectives of financial statements in double entry bookkeeping. The Structure and format of balance sheets The Structure and format of profit and loss statements Classification of accounts (standard chart of accounts, table of accounts, types of accounts) Accounting records (logic, debit and credit, affecting net income/not affecting net income) Introductory examples of ongoing entries and simple closing entries (depreciation, private account, cost of goods sold) Accounting cycle (with simple closing entries) Entries in sales (sales revenue, discounts, cash discounts, returned goods, advance payments received, incl VAT and bills outstanding) Entries in purchasing (stockpiling, acquisition of equipment, etc., deduction, discounts, returned goods, advance payments, incl input tax and bills payable) Entry of various methods of payment (cash, on credit, debit card, credit card) Entry of various expenditures Entry of exports and imports
Technical Sales and Distribution Management (Bachelor)
Language of instruction
On completion of this module the students will be familiar with the system and components of double entry accounting. They will be able to independently enter simple transactions in both sales and purchasing, to generate an accounting cycle under consideration of closing entries and to prepare balance sheets as well as profit and loss statements.