EMA1314 Financial Accounting and Control 1 is a course offered by the University of Malta. The course is designed to provide students with an introduction to financial accounting and control, covering the principles and techniques used in the preparation and presentation of financial statements.
The course begins by introducing students to the concepts of financial accounting, including the accounting equation, the double-entry system, and the principles of accounting. Students will learn how to record financial transactions, prepare trial balances, and make adjustments to accounts.
The course then moves on to the preparation of financial statements, including the income statement, balance sheet, and statement of cash flows. Students will learn how to prepare these statements and interpret them to assess the financial health of a company.
Throughout the course, students will also learn about the internal controls used in accounting systems, including the role of auditors in ensuring the accuracy and reliability of financial information.
EMA1314 Financial Accounting and Control 1 UM Assignment Example Malta
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Learning Outcome 1: Acknowledge what a complete set of financial statements entail.
A complete set of financial statements typically includes the following four main components:
Balance Sheet: This statement provides a snapshot of the company’s financial position at a specific point in time, usually at the end of the reporting period. It lists the company’s assets, liabilities, and equity.
Income Statement: This statement summarizes the company’s revenues and expenses over a period of time, typically one year. It shows the company’s net income or loss for the period.
Statement of Cash Flows: This statement shows the inflows and outflows of cash and cash equivalents during the reporting period, categorized into operating, investing, and financing activities.
Statement of Changes in Equity: This statement shows changes in the company’s equity during the reporting period, including transactions with owners and changes in accounting policies.
In addition to these four main components, a complete set of financial statements may also include notes to the financial statements, which provide additional information about the company’s accounting policies, significant events and transactions, and other relevant information.
Learning Outcome 2: Analyse a complete set of financial statements and interpret them thereof.
Analyzing a complete set of financial statements involves reviewing the various components of the statements and using that information to gain insights into the financial health and performance of the company. Here are some key areas to consider when interpreting financial statements:
Balance Sheet: The balance sheet provides a snapshot of the company’s financial position at a specific point in time. When analyzing the balance sheet, pay attention to the company’s assets, liabilities, and equity. Consider the company’s liquidity, or ability to meet its short-term obligations, by looking at its current ratio (current assets divided by current liabilities). Also, examine the company’s debt levels by calculating its debt-to-equity ratio (total liabilities divided by total equity).
Income Statement: The income statement shows the company’s revenues and expenses over a period of time. Analyze the company’s gross profit margin (gross profit divided by revenue) to see how much profit the company is generating after accounting for the cost of goods sold. Also, look at the company’s net profit margin (net income divided by revenue) to determine how efficiently the company is managing its expenses.
Statement of Cash Flows: The statement of cash flows shows the inflows and outflows of cash and cash equivalents during the reporting period. Review the company’s cash flow from operations to see how much cash the company is generating from its core business activities. Pay attention to the company’s cash flow from investing activities and financing activities to see how the company is investing in its future growth and managing its debt.
Statement of Changes in Equity: The statement of changes in equity shows changes in the company’s equity during the reporting period. Look at the company’s retained earnings to see how much profit the company has accumulated over time. Also, examine any changes in the company’s capital structure, such as issuing new shares of stock or buying back existing shares.
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