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Financial Accounting

Financial Accounting

Code: ACC3LF101
Scope: 5 ECTS
Timing: semester 3
Language: English
Curriculum: GLOBBA16
Course level: Specialisation Studies
Course type: compulsory for ACC/FIE specialisation students

Starting level and linkage with other courses
Prerequisite: ACC1LF101 Basics of Financial Management.

Learning outcomes
You understand the logic of double entry book keeping. You record business transactions for a firm. You are able to prepare accounts and financial statements for a company and run different types of accounting reports. You prepare statutory financial statements for a firm based on Finnish generally accepted accounting principles. You know how to record, calculate and prepare filings related to value added tax in domestic trade. You know how to define taxable profit and calculate the final tax expense for different forms of business organization. You coordinate efficient control and audit processes for a firm and liaise with auditors.


  • accounting principles and double-entry bookkeeping
  • accounts payables and accounts receivables
  • closing of the financial year
  • financial statements
  • value added tax
  • taxable profit and tax expense
  • audit

Recognising and validating prior learning (RPL)
If you have acquired the required competence in previous work tasks, recreational activities or on another course, you can show the competence with a demonstration and progress faster through your studies. More information and instructions for RPL are available at MyNet.

Cooperation with the business community
Guest lecturers and/or company visits will be organized in the area of accounting or audit profession.

Approach to accounting and taxation will be reflected against global development in these areas e.g. IFRSs.

Course format
Contact and distant sessions or educationalisation.

Students' performance is graded on the following scale: Excellent (5), Very good (4), Good (3), Satisfactory (2), Fair (1), Fail (0).
A link to the joint assessment grid. The assessment of one’s own learning.

Course teacher(s)
Anne Arkima, Juan Borra

Learning materials
Materials to be announced in the implementation plan.