Introduction to Balancing Concepts and Cost Accounting
This course is an introduction to the types of mandatory accounting (cash accounting, consolidation into a lump sum, double-entry bookkeeping), the elements, purposes and structure of annual statements in double-entry bookkeeping, the system of accounts (account system, chart of accounts, account type), accounting records (logic, debit and credit, affecting net income/not affecting net income), examples of ongoing entries and simple closing entries (amortization, private account, cost of goods sold), the accounting cycle (incl. simple closing entries), entries in sales and procurement, entry of different modes of payment (cash, on credit, debit card, credit card), the basic principles of proper balancing, valuation methods (investment cost vs. production cost), the differences between entries according to the ACC and consideration of economic transactions according to tax laws, balancing of non-current assets and current assets, borrowed capital and own capital, prepaid expenses and deferred charges, basic ratio analysis as well as basics of cash-flow statements. Furthermore, the basics of payroll accounting as well as social security law and tax law are taught in this course. The specific entry of special payments and bonus payments as well as specifics of payroll accounting in film, TV and media production are outlined.
Film-, TV-, & Media Production (Bachelor)
Language of instruction
After the successful completion of this course the students will be able to explain the system as well as the elements of double-entry bookkeeping, independently register simple business cases in sales and procurement, and to generate a booking cycle based on closing entries. The students will be familiar with the basic principles of payroll accounting, be able to prepare a balance sheet and be able to prepare a profit and loss statement. Furthermore, after the completion of this course the students will be able to read a statement and analyze it with regard to asset situation, profit situation and financial situation.