Study Guide

Learning objectives

After completing the course, you will be able to:

Describe the financial objectives of a company and identify basic financial concepts

Explain the importance of financial management in business operations, expert work, and stakeholder communication

Make basic bookkeeping and financial statement entries, including those involving value-added tax (VAT)

Recognize the impact of business transactions on the income statement and balance sheet, and explain the contents of the financial statements

Interpret the official financial statements of a small company at a general level and identify key aspects of the company’s financial situation

Describe the basics of VAT and direct taxation

Identify the main differences in business income taxation between a limited company and a sole proprietorship

Content

Financial objectives and basic concepts of a company – profitability, capital structure, cash sufficiency

The importance of financial management in business operations, expert work, and stakeholder communication

Basic concepts of bookkeeping, the logic of double-entry bookkeeping, formation of the financial year’s result, depreciation

Content and structure of the income statement and balance sheet, and the connection of business transactions to financial statements

Familiarization with official financial statements, interpretation of the income statement and balance sheet

Basic idea of VAT and VAT in bookkeeping

Basics of business taxation

Main differences in business income taxation between a limited company and a sole proprietorship