ØKB3117 Intermediate Financial Accounting

Contents and structure

The course aims to give students in-depth knowledge of the most central challenges related to recognition, measurement, and presentation, in order to be able to prepare financial statements in accordance with generally accepted accounting principles from The Norwegian Accounting Standards Board. There is an in-depth study of some topics, e.g. taxes, construction contracts and leasing, and an introduction to consolidated accounts.

Learning Outcome

The student:

• Has in-depth knowledge of recognition and measurement of the most important accounting items and accounting principles
• Has an insight into the accounting rules of small entities
• Is familiar with the accounting rules of non-profit organizations
• Is familiar with the most central differences between accounting and tax rules
• Is familiar with the regulations of disclosures and the annual report

The student:

• Is able to prepare financial statements, including tax items and items in the income statement, for a limited company
• Is able to prepare a simple consolidated statement (without tax and minorities)

The student:

• Is able to view the course in a bigger social context
• Is able to acquire up-to-date knowledge within the areas of knowledge and skills mentioned above and knowledge of other areas within the course
• Can pass on important knowledge through relevant expressions and can exchange points of view and experiences with other professionals

Entry requirements

ØKB 1111 Financial accounting, or a corresponding course. Relevant practice can be assessed.

Recommended previous knowledge

An introductory course in investment and financing, equivalent to the 2nd year course at HSH.

Teaching methods

Lectures, plenary exercises, and guidance related to individual exercises or exercises in groups.

Compulsory learning activities

None

Assessment

Individual Home exam, 10 days, 30%

Written exam, 4 hours, 70%

A pass is needed in both parts

Grade scale A-F

Examination support material

Part 1: Individual home exam; All printed and written study aids may be used

Part 2 Written exam; Collection of law texts, Recommendations concerning good accounting practice; the College¿s standard calculator (Texas TI 84) will be handed out; Offprints of Laws

More about examination support material