ØKB1110 Introduction to business economics and accounting

Contents and structure

The course will provide the first and basic knowledge of accounting and managerial economics. The course consists of two components: accounting and managerial economics. In this course, students should learn how to prepare a basic annual report. In managerial economics, key methods and techniques for making good economic decisions in the short and long term will be central. The course will form the basis for intermediate courses in financial accounting, financial management and finance / investment.

• Balance doctrine
• Practical accounting
• Registration of business cases
• Periodisation
• Accounting in various types of companies
• Cost concepts
• Cost allocation and calculation principles
• KRV analyzes
• Decision-making problems in businesses
• Price decisions and market adaptation
• Product options

Learning Outcome

Students should after completing the course:

• have basic knowledge of the purpose of a financial statement
• know the standard system of accounts, and do the most common accounting transactions
• have an understanding of the concepts of expenses, costs, expenditures, revenues and payments
• have an understanding of the effect of changes in holdings and conduct regular periodic postings 
• could explain the relationship between transactions and their impact on results and the balance sheet
• conduct the accouting for the end of the year, simple annual report entries and allocation of profit in a sole proprietorship
• know the cost concept well and have a good understanding of cost variability
• could figure out how businesses should adopt in relation to different market structures
• have knowledge of different principles of product calculation, and prepare calculations after full cost and variable cost principle for companies 
• could carry out cost, profit and volume analyzes
• be able to identify decision-relevant costs and income and be able to solve various decision problems
• conduct simple analyzes of optimal product selection in situations with limited access to resources

Entry requirements

None

Recommended previous knowledge

-

Teaching methods

Lectures, task seminars and exercises

Compulsory learning activities

Yes, assignment(s) (to be specified in the semester plan available in the beginning of the semester)

Assessment

written exam, 4 hour, 100%

Grade scale A-F, where F correspond to not passed.

Examination support material

The University College`s calculator (Texas TI 84) will be handed out

More about examination support material