KREV100 Basic Accounting

    • Number of credits
      7,5
    • Teaching semester
      2024 Autumn
    • Language of instruction
      English
    • Campus
      Kongsvinger
    • Required prerequisite knowledge

      No special requirements.

Course content
  •   The structure of accounts
  •   Standard account framework and plan
  •   Documentation and storage requirements
  •   Value added tax
  •   Salary, holiday pay, employer’s National Insurance contributions and tax deductions
  •   Depreciation
  •   Other accruals and provisions
  •   Valuation rules
  •   Closing of accounts with presentation of profit and loss statement and balance sheet
  •   Simple key figures

Learning Outcome

Upon successfully passing the course, students will have achieved the following learning outcomes:

Knowledge

Students

  • can explain the purpose of financial accounting as well as the key requirements and framework conditions it must meet
  • can explain the structure of financial accounting from registration of transactions to impact on profit and loss and balance sheet
  • can classify financial transactions in accordance with the Norwegian standard chart of accounts
  • can state basic accounting principles and reporting requirements
  • can distinguish between the terms expense/disbursement/cost, income/payment as a basis for correct account processing
Skills

Students

  • can understand commonly occurring transactions in a financial statement
  • can understand commonly occurring accruals in a financial statement
  • can read and understand a profit and loss statement for a given period and a balance sheet report at the end of a given period based on a transaction summary/balance sheet
  • can understand key performance indicators of a company’s profitability, liquidity, financing and financial strength based on information in financial accounts and additional information
General competence

Students

  • can explain accounting as a source of information
  • can participate in ongoing accounting registration and preparation of annual accounts in accordance with good accounting principles, standards and legislation
Teaching and working methods

Lectures and problem solving.

Required coursework

There is a 50% attendance requirement regarding course teaching.

The course has 1-4 pieces of coursework. The coursework may consist of multiple-choice tests, spreadsheet exercises and/or written submission. The amount and form of coursework will be stated on the university’s learning platform at the start of the course.

Form of assessment

4 hour written, individual examination.

Performance is assessed using a grading scale from A to F, where E is the lowest passing grade. 

Assessments
Form of assessmentGrading scaleGroupingDuration of assessmentSupport materialsProportionComment
Written examination with invigilation
ECTS - A-F
Individual
4 Hour(s)
  • Collection of laws
  • Approved calculator
100%
Special prints of the Accounting Act and the Bookkeeping Act, and regulations or code of laws where these are included, e.g. Auditor’s handbook
Calculator in accordance with calculator use guidelines in economics/administrative programmes of study at Inland School of Business and Social Sciences – Faculty of Economics and Social Sciences. Updated guidelines will be available and communicated to students at the start of each academic year of study.
Professional overlap
NameCreditsDateComment
SREV100 Grunnleggende regnskap
7,5
3REV100 Grunnleggende regnskap
7,5
ØKA1012 Grunnleggende regnskap
7,5
HREV100 Grunnleggende regnskap
7,5
NREV100 Grunnleggende regnskap
7,5
8REV100 Grunnleggende regnskap
7,5
Faculty
Inland School of Business and Social Sciences
Department
Department of Business Administration