Introduction

The key term “final accounts” refers to the financial statements prepared by a business at the end of an accounting period that shows all stakeholders the company’s financial situation.

 

One of the statements is called a “profit and loss” or “income” statement. It shows the income and expenses that came through the company during a selected period.

 

Another final account statement is called the “Balance Sheet”. It shows the assets and debts in a company which is used to estimate the net worth of a business at the time the statement was prepared.

Course curriculum

  • 1

    Course Information & Support

    • Please Check Now That Your Phone Is In Your Bag. Please Stay For 40 Minutes Of Learning & Sign Out For The Bathrrom During The Last 5 Minutes of Class.

    • Only Use The Laptop Assigned To You. Return To Assigned Slot With No Slack Cord.

    • Please Don't Disrupt Our 40 Minute Work Cycle. Leave For The Bathroom During The LAST 5 MINUTES Of Class.

    • Supply Check Is On The First Resource Bank Day Of Each Quarter

    • How Well Are You Demonstrating The IB Learner Characteristics? Which Is Your Super Power & Which Presents The Greatest Challenge?

    • Do You Skip Class?

    • Fact Sheet Packet Of Class Policies- Please Scroll Through And Review Again

    • Meet Your Teacher: Dr. Eva Bogard

    • You Should Do An Internship Every Year Until You Graduate From College

    • Welcome IB Business Management Student

    • Here Is The Master Plan...

    • The IB BM Syllabus Consists Of 5 Units With A Total Of 40 Total Chapters ("Courses") That You Are Responsible For Learning

    • The Official IB Business Management Guide & Syllabus

    • The Full IB BM Textbook Is In TEAMS

    • Chapter Work Cycle =The Same 7 Day Format For Each Chapter. You Always Know What We Are Doing In Class & What Is Assigned For Homework.

    • DUE DATES & DEADLINES

    • Late With A Good Reason Is Still Late (Missing Work Submitted After 5 Calendar Days = 0%).

    • Your Makeup Day From An Absence Is The Following Class Day. Read Instructions Carefully & Review Policies When Absent.

    • Finished Early? Don't Pack Up! Do This ...

    • Finished Early? Keep Track Of Current Events In The Business World

    • Business Careers. Which Might Be A Good Fit For You?

  • 2

    The Notebook Project - A Daily Learning & Study Tool

    • Read The Rules For Your Notebook Project Before Every Grading Day. This Paper Must Be Stapled Onto The Inside Cover Of Each Composition Notebook

    • Your Notebook Project Helps You Build Strong Attention To Detail. This Is A Valuable Life Skill.

    • LOOK: Page-By-Page Visual Instructions To Help You Earn a 100% On Every Notebook Project.

    • A 100% Notebook Project Sample - Make Yours Just As Nice.

    • A 100% Notebook Project Sample - Compare Yours.

    • Notebook Checklist & Reflection Sheet (The Blue Sheet). Complete & Staple Onto The Last Page Of Your Chapter Notes BEFORE Scoring Day. This Blue Color Checklist Is Available In Class Or You Can Print It Yourself.

  • 3

    Start Your Notebook Project By Outlining This Chapter. Then Outline A Long IB Exam Answer Using A Spider Map.

    • New Textbook 3.4 Chapter = 21 Headings

    • Can You Listen To Music? Yes, But Only If You Follow All The Rules.

    • Review The Instructioons For These Two Assignments

    • LOOK: A Visual Guide For How To Create Your Outline. There Are Also Samples Posted In The Notebook Section Above. Great Attention To Detail = 100%

    • How To Draw A Spider Map

    • Video: Watch A Spider Map Being Created

  • 4

    "RESOURCE BANK" = Topic Lessons (91) Begin Below this Point:

    • No Music On RB Days. Plug In Your Ear Buds. Place Them In Your Ears & Use Them To Listen & Learn From The Video Lessons.

    • What is the Resource Bank?

    • Review The Instructions For This RB Assignment.

    • Take Good Notes - These Posts Contain The Content You Want To Write On The IB Exams

    • LOOK: This Is What A Great RB Page Looks Like. Use This Sample As Your Model.

    • Important Detail: Remember To Highlight The RB Section Titles & Number All Posts Consecutively

    • RB = 9 Sections & 91 Posts (= 5 RB Days + HW)

    • What You Should be Able to Do By the End of this Chapter

  • 5

    Introduction To Accounting

    • Video: Accounting Begins Before Bookkeeping...

    • *Accounting Humor-Don't Take Notes On This*

    • Video: Accounting Is A Good Subject To Study

    • Handout: Accounting Stakeholders

    • Study Guide: How Final Accounts Help Internal and External Stakeholders

    • What's The Difference Between An Accountant & A Bookkeeper

  • 6

    Key Terms

    • Video: You Should Know How Planned and Perceived Obsolescence Impact Your Life

    • Video: A Simple Explanation Of The 3 Different Types Of Costs

    • List Of Key Terms With Definitions

    • Video: What's The Difference Between Revenue and Profit?

    • Cartoon: Gross vs. Net

    • Video: The Tumbler Way To Understand Net Profit

    • Video: The Different Types Of Profit

    • Video: Definition And How To Calculate The "Cost Of Goods"

    • Video: What Is A Financial Statement?

  • 7

    The Principles & Ethics Of Accounting Practice

    • Video: Review of the ACCA's Code of Ethics and Conduct

  • 8

    The Purpose Of Final Accounts

    • Image: The Final Accounts / Final Statements Napkin

    • Video: What Are "Final Accounts"?

    • Video: The Three Most Important Financial Statements Are...

    • Handout: The Three Most Important Financial Statements From The Accountant

    • Infographic: The Financial Statement Consists Of Three Pieces: Balance Sheet, Profit & Loss, and Cash-Flow

    • Handout: What Is The Purpose Of Creating Final Accounts?

    • Video: The Key To Understanding Financial Statements

  • 9

    The Profit & Loss Account ("Income Statement")

    • Image: The Profit & Loss Napkin

    • Video: Definition Of An Income Statement (Profit & Loss Statement)

    • Video: Two Minute Explanation Of The Income Statement

    • Key Terms: Sales, Revenue, Profit

    • Video: Introduction To The Income Statement / Profit & Loss Statement

    • Video: How To READ A Profit & Loss / An Income Statement

    • Video: The Full Story of The Profit & Loss / Income Statement

    • Handout: The Profit & Loss Statement Actually Consists Of 3 Parts

    • Video: Where Is The COGS Calculation On The Income Statement / Profit & Loss?

    • Video: Mr. Burton Explains The 3 Pieces Of The Income Statement

    • Video: How To Use The Income Statement To Calculate Profit

    • Handout: What's The Difference Between The Trading Account And The Profit & Loss Account?

    • Handout: How Is The Trading Account Connected To The Profit & Loss Account?

    • Video: Example Of A Trading Account (Advanced Lesson)

    • Handout: What Is The "Appropriation Account"? (With Memory Tip)

    • Video: You Must Understand What Dividends Are Because They Show Up On The Appropriation Account

    • Video: Take A Look At How The Appropriation Account In The Income Statement Shows How To Divide The Profits Among Partners

    • "Interest Charges" Are Not The Same As "Interest Paid"

    • Video: Full Example Of "Retained Profits" (Shown On The Appropriation Section On The Profit & Loss Statement)

    • Exam Tip: You Must Tell The IB Examiners About The LIMITATIONS/PROBLEMS With The P&L Account Info

    • Variable Costing Vs. Absorption Costing

    • The Operating Income On Income Statements Is Affected By The Type Of Contribution Tool Used (Absorption vs. Variable)

    • How Can A Profit and Loss Relate To Your Life? (No Notes- Just Read The Story)

  • 10

    The Balance Sheet

    • Image: Balance Sheet Napkin

    • Video: Intro To The Balance Sheet

    • Handout: Balance Sheet Key Terms

    • Video: What Is A Balance Sheet And Why Does It Matter?

    • Video: Introduction To The Balance Sheet

    • Video: Balance Sheet vs. Profit & Loss Statement

    • Video: Simple Explanation Of The Difference Between A Balance Sheet And A Profit And Loss Statement

    • What Are Fixed Assets?

    • Handout: What Is The Difference Between the Balance Sheet and the Profit & Loss Account ("Income Statement")?

    • Video: What Are Current Assets and Long-term Assets?

    • Video: What Does A Debit Do To Your Account and What Does A Credit Do To Your Account? (Think Dogs and Cats)

    • What Are Liabilities On A Balance Sheet?

    • Video: Balance Sheet Assets & Liabilities (Bank Example)

    • Video: The Definition Of Equity & How It Is Calculated

    • Video: What Does Equity Mean On A Balance Sheet?

    • Video: Net Assets Rap

    • Video: Dividends and Retained Profits Definitions

    • Exam Tip: Retained Profit ≠ Liquid Cash

    • Video: How To Read A Balance Sheet

    • Video: The Full Story of the Balance Sheet

    • Handout: The IB BM Balance Sheet Format Explained (EXAM TIP)

    • Video: Mr. Hoang Explains How To Create A Balance Sheet On The May Exam

    • Video: Write Down The Limitations Of A Balance Sheet As Explained In This Video

    • EXAM TIP: Sample Of An IB Balance Sheet (This is the exact one included at the end of the official IB BM Guide)

    • Test Yourself With This Marc Brothers Case

    • Examiner Notes/ Markscheme for the Marc Brothers Ltd Case (Correct Your Answers With Color Ink & Number This As A Post. What Did You Learn From This Practice?)

    • Video: You Should Know That Amortization Is The Depreciation Of Non-Physical Assets

  • 11

    Intangible Assets

    • Video: How To Determine The Value Of A Business

    • Video: Definition And Examples Of Intangible Assets

    • Key Term: Intangible Assets

    • Video: What Is Goodwill? (It's not the place where you can buy used clothing!)

    • Video: Goodwill Is An Intangible Asset

    • Financial Accounting Report For Goodwill & Intangibles. Just Copy The Titles Of The Main Headings (1-4 & A-F) From the Table Of Contents & Skim Through The Subtopics. Notice How This One Topic Can Be Broken Down.

    • Video: What's The Difference Between A Copyright, Trademark, And Patent?

  • 12

    Depreciation

    • Key Terms For Depreciation

    • Handout: Main Points About Depreciation

    • Video: Introduction to "Depreciation"

    • Video: How A Non-Profit Organization Uses Depreciation

    • Key Term: Book Value

    • Video: Book Value Depreciation

    • Video: Calculating Depreciation Using The "Straight Line" Method

    • Pros And Cons Of Straight-Line Depreciation With A Worked Out Calculation

    • Video: Calculating Depreciation Using The "Reducing Balance" Method

    • Video: How To Calculate Both Methods Of Depreciation

    • Pros And Cons Of Reducing-Balance Depreciation With A Worked Out Calculation

    • Video: How Depreciation Affects Profit and Cash Flow (Advanced)

    • Video: Mr. Burton Explains Depreciation (19 min)

    • NEW "Units Of Production" Depreciation Method (For May 2024 Exams)

  • 13

    Final Accounts & The CCES Concepts (Creativity-Change-Ethics-Sustainability)

    • Cash Flow Strategy. Look At The Cash Flow Using An Income Statement & A Balance Sheet

    • Review The Instructions For The CCES Assignment.

    • Read These CCES Definitions Again. If You Write Them On Your May Exams You Get Credit For Clear Evidence of "Synthesis & Evaluation"

    • Your CCES Assignment Begins At The Top Of A New NB Page: Title= CCES, Then Write 4 CCES Impact Statements For This Chapter Following The Model.

    • LOOK: This Is What A Great CCES Page Looks Like

  • 14

    Case Studies Assignment: This Is Your Practice For The Senior May IB Exams.

    • This Was The Real May 2024 IB BM Standard Level (SL) Paper 2 Exam. Get A Feel For It Now. Know That We Are Preparing For It Every Day In Class & For Homework So You Will Have The Best Chance Of Earning Your Best Score.

    • This Was The Real May 2024 IB BM Higher Level (HL) Paper 2 Exam. Get A Feel For It Now. Know That We Are Preparing For It Every Day In Class & For Homework So You Will Have The Best Chance Of Earning Your Best Score.

    • Exam Tip: Paper 2 Section B (2024-2028)

    • Step-By-Step Instructions For Doing Your Case Studies As Practice For Your Senior May Exams

    • LOOK: This Is What A Completed & Corrected Case Study Analysis Looks Like. Use This Sample As Your Model.

    • How Many Companies Does Nestlé Own? Which Of Their Products Do You Buy Or Consume?

    • See How The IB BM Command Terms Are Organized

    • What Are Command Terms & Why Are They Important?

    • Old Command Terms List = Rules for Answering Test Questions

    • New Command Terms Definitions List (2024+)= Directions for Answering Test Questions

    • Chapter 3.4 Has 6 Case Studies. Choose & Complete At Least 3

    • Finished Early? Don't Pack Up! Work On The 12 Chapter Review Tasks! Including 45 Multiple Choice Questions Due On Review Day.

  • 15

    Review Day Activities + Presentation Day

    • You Will Need A New Blank IB BM Composition Notebook In Class Starting On This Week's Quiz Day & Every Day Until The End Of April

    • Read & Follow These Review Day Instructions

    • We Have Two Work Days For The 3.4 Review Tasks. (Unless There's A Weekend Before Presentation Day)

    • Watch: 3.4 Chapter Review With Mr. L (37 Minutes)

    • Watch: Income Statement And Balance Sheet Exam Review

    • READ This Handout: The IB Guide's P&L Statement And Balance Sheet Formats

    • Copy Or Print This Handout: Formula Sheet For Final Accounts

    • EXAM TIP!

    • What Should You Do If You Get Stuck On A Question? Don't Skip It! Do This...

    • LOOK: This Is What A Great Chapter Review Page Looks. Use This As Your Model.

    • New 3.4 Review Worksheets With 12 Tasks & 2 Sets Of M/C 20 & M/C 25 (Title The Top Of A New Page. Then Label The Tasks And Write The Answers In Your Composition Notebook)

    • Task 11 Extra Help With Multiple-Choice Question #8

    • Presentation Day Instructions

    • 3.4 Profit and Loss Quizlet

    • Quizlet: Memorize & Review The 3.4 Exam Formulas

    • 3.4 Quizlet

    • Have You Achieved the Key Learning Outcomes?

    • You Are Almost Finished!

    • Don't Forget The Last Piece!

    • Finished Early? Don't Pack Up! Do This ...

  • 16

    3.4 Exam Practice Exercises: Do These Practice Questions After Review Presentations. Don't Look At The Included Markscheme Until You Have Written A Complete Answer.

    • The Day After Quiz 3.4 (Let Your Teacher Know Early That You Will Need These Photocopies)

    • IB BM Syllabus Packet (7 Pages)

    • All Exam Practice Work Goes In Your Special "Exam Prep" Composition Notebook. Do It After Review Presentations & After The Chapter Quiz.

    • Make A Physical Partition Between Each Chapter's IB BM Exam Work

    • Exam Practice: Profit & Loss Accounts (Include The Background Info In Your Answer Set- No Separate Section)

    • Exam Practice: Balance Sheet (Include The Background Info In Your Answer Set- No Separate Section)

    • Exam Practice: Straight Line Depreciation (Include The Background Info In Your Answer Set- No Separate Section)

  • 17

    3.4 Quiz (Some P&L Questions Mixed With Some Balance Sheet Questions= 10 Total)

    • Quiz Day Schedule Of Activities

    • Come Here On Quiz Day If You Are In The Classroom - Makeups Are On The Day You Return

    • You Must First Enroll In The Shark Tank Course

    • After The Quiz, Do The Assigned "Beyond The Tank" Work. If You Have An Excused Absence For Today, You Are Also Excused From This Assignment (Write "ABSENT" With The Date On The Notebook Page)

    • Blue Sheet Instructions. Pick Up A Blue Checklist & Reflection Handout To Complete & Staple Into Your Notebook

    • Due Today On Quiz Day (Before Midnight) Is Your Completed Chapter Notebook Project

  • 18

    Dollar Bill Origami (CCES: Creativity)

    • Links To Beginner, Intermediate and Advanced Tutorials

  • 19

    District Resiliency Videos

    • Link To All Mental Health & Resiliency Videos