Introduction to Accounting

FIN1001

Candidates are given a first, basic introduction to accounting that will enable students to independently understand and lead a simple accounting. Main topics are the accounts as a source of information, basic principles and requirements for financial statements, registration of vouchers, Bookkeeping Act, Accounting with the layout of accounts, introduction to accounting regulations, and closing balance.

Knowledge

Upon successful completion of this course the student should have:

knowledge of purpose and recognition of a financial statement
knowledge of double-entry
knowledge of the concepts of expenses, costs, expenditures, revenues and payments, balances and relationships between these
knowledge of key provisions of the Bookkeeping Act and Accounting Act format for Financial Statements
knowledge of the standard chart of accounts
basic insight into the financial accounts structure and framework including ethical assumptions on which it is based.

Skills

Upon successful completion of this course the student should:

be able to post the most common transactions according to the principle of double bookkeeping
be able to conduct regular accrual postings
be able to conduct annual reports with simple year-end postings
be able to set up an income statement and a balance sheet in accordance with the rules of the Accounting Act
be able to explain the links between transactions and their impact on the income statement and balance

General competence

Upon successful completion of this course the student should have:

the ability to judge and categorize various economic events with regard to accounting effects
ability to make a basic assessment of the content of a financial statement and the main principles on which it is based
ability to reflect on ethical issues related to the practice of accounting
have an understanding of the societal benefits of public financial accounts

Paid semester fee and syllabus literature. It is also required that students have a laptop at their disposal.

Compulsory

Teaching and problemsolving in plenary. Working in groups on exercises, with assisting teachers.

The study programme is evaluated annually by students by way of course evaluation studies. These evaluations are included in the university's quality assurance system.

Curriculum literature

Leganto

Subject language

Norwegian

Credits

7.5

Study location

Bodø, Mo i Rana, Steinkjer

Responsible faculty

Nord University Business School

Course coordinator

Associate Professor

Torstein Alfred Gustavsen

torstein.gustavsen@nord.no