Economics (Fach) / account. (Lektion)

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• What was introduced by the Industrial Revolution (account.)? => need for more economic information=> labour=> depreciation=> valuation of inventory=> determination of income
• What was the purpose of account. in ancient Rome and Greece? What was a new invention? • Coinage invented 630 BC in Greece• Greece record-keeping• Rome – developed memorandum book (monthly)• Double-entry system (Rome)• Accounting for recording – not decision-making
• Structure of a classic enterprise? CEO - Economy R&D, Purchase, Manufacturing, Marketing
• What is the general accounting principle? Following law and praxis.
• Monetary Principle? – Accounting is stating everything in monetary terms– Accounting does not consider inflation– Consider when making long-term KPI comparisons
• Congruence principle? – ALL changes in equity are effected by profit, except emissions or dividends. - Equity start period + profit + new emissions – dividend = Equity end period
• Going concern principle? – Assume that the entity will continue indefinitely– E.g., a purchase of a machine is generates cash flow in the future
• Realisation principle? Cash -> Raw material -> Product in progress -> Warehouse -> Accounts receivables -> Cash
• What regulates accounting? - "The Accounting Act", regulate registration, archive and reporting - "Annual Accounts Act", regulate financial statement - Accounting Praxis, national and international praxis
• GAAP? General accepted accouting principle.
• Principle of match-making? - income shall be matched with an expense that has created the income! - expenses not matched by an income in a fiscal year has to be moved to next year.
• Precautionary principle? - income is not registered until it is realised, expenses are registered directly. - the value of current assets are valued to the lowest value of purchase value and real value - the value of non-current assets are depreciated ea. year
• Persons doing financial statements? - all legal persons - companies with assets more than 1,5 MioSEK - proprietorship, NOT legal person but has to do accounting
• What does a financial statement consists of? - balance sheet - income statement - some companies - cashflow - notes - coperate governance report - sustainability report
• Balance sheet Assest: future economic benifit, as a result form a past transaction existenace  value controled by the entity  verified  Liability: are scarifies of past events, entitys that are obligated to cretae new and more vaulable entitys in the future meauresed reliably 
• Balance sheet, continued Assets: Non current and current  Liability: Equity, Liabiliy, (current and non-current) (payable)
• Math: Income and blanace sheet Equity= capital (profit+loss)  income-expncess=profit 
• Cash flow: How cash enters, moevs htrough and leaves the company Measures  how a company manage cash how cash is generated to pay debt nd fund operations cas comes form operating activities, investments and financing 

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