Financial Statements and Corporate TaxationLaajuus (5 cr)

Objective

The student can prepare financial statements for a small company, applying accounting law and regulations, company legislation and tax laws. The student will be able to take into account the main accrual and valuation rules in the financial statements and will be able to prepare balance sheet breakdowns. The student will be able to calculate the taxable income and the amount of tax payable on profits of sole traders and limited companies. The student will understand the links between accounting and taxation.

Content

- financial statements of the firm and limited liability company with notes, balance sheet breakdowns
- Accounting Act and Regulation, Financial Statements of Small and Micro Enterprises (PMA)
- principles of accrual and valuation; revenue recognition, provisions, valuation of assets
- calculation of taxable income
- taxation of partnerships and limited companies

Qualifications

Accounting and VAT 5 cr or equivalent competence

Assessment criteria, satisfactory (1)

The student has achieved the course objectives fairly. The student will be able to identify, define and use the course subject area’s concepts and models. The student understands the criteria and principles of the expertise development.

Assessment criteria, good (3)

The student has achieved the course objectives well, even though the knowledge and skills need improvement on some areas. The student is able to define the course concepts and models and are able to justify the analysis. The student is able to apply his/her knowledge in leisure, study and work situations. The student understands the importance of expertise in the field of business and is able to analyze his/her own expertise.

Assessment criteria, excellent (5)

The student has achieved the objectives of the course with excellent marks. The student masters commendably the course subject area’s concepts and models. The student is able to make justified and fluent analysis and to present concrete development measures. The student is well prepared to apply his/her knowledge in leisure, study and work situations. The student is able to analyze the business sector expertise and the development of his/her own expertise.

Assessment criteria, approved/failed

The student has achieved the course objectives fairly. The student will be able to identify, define and use the course subject area’s concepts and models. The student understands the criteria and principles of the expertise development.