3.4 Final Accounts
5th Edition
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.
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.
Fact Sheet Packet Of Class Policies- Please Scroll Through And Review Again
How Well Are You Demonstrating The IB Learner Characteristics? Which Is Your Super Power & Which Presents The Greatest Challenge?
Welcome IB Business Management Student
Chapter Work Cycle = This Is What We Are Doing In Class & For Homework Every Day
Finished Early? Don't Pack Up! Do This ...
Please Don't Disrupt Our 40 Minute Work Cycle. Leave For The Bathroom During The LAST 5 MINUTES Of Class.
Your Quarter Grade
New Textbook 3.4 Chapter = 21 Headings
Read The Rules For Your Notebook Before Every Grading Day. This Paper Must Be Stapled Onto The Inside Cover Of Each Composition Notebook
Video: Watch A Spider Map Being Created (Best Study Tool)
How To Draw A Spider Map
LOOK: Page-By-Page Visual Instructions For Earning a 100% On Every Notebook Chapter. (NEW For 2024)
Video: Take A Tour Of A Business Management Composition Notebook
This Is How Your Notebook Pages Will Be Graded
Notebook Checklist & Reflection Sheet- Print, Complete, And Staple Onto The Last Page Of Your Chapter Notes BEFORE Scoring Day. It's Best To Pick Up This Blue Color Checklist In Class After We Finish The Chapter Review.
What is the Resource Bank?
RB = 9 Sections & 90 Posts (= 5 RB Days + HW)
What You Should be Able to Do By the End of this Chapter
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
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?
Video: Review of the ACCA's Code of Ethics and Conduct
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
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)
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
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. What Did You Learn From This Practice?)
Video: You Should Know That Amortization Is The Depreciation Of Non-Physical 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?
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)
Cash Flow Strategy. Look At The Cash Flow Using An Income Statement & A Balance Sheet
Read These CCES Definitions. If You Write Them On Your May Exams You Get Credit For Clear Evidence of "Synthesis & Evaluation"
CCES Assignment: Write 4 CCES Impact Statements For This Chapter Following The Given Model
Finished Early? Don't Pack Up! Do This ...
Visual Of Case Study Day 1 Process
Day 1 Participation Requirements During Sharing
Instructions for Analyzing Case Studies
New Command Terms Definitions List (2024+) Exams = Rules for Answering Test Questions
Old Command Terms List = Rules for Answering Test Questions
New 3.4 Case Studies (We Need 4 Days In Total)
Look At All The Companies Nestlé Owns. Which Of Their Products Do You Buy Or Consume?
Show Your Teacher Your Completed Case Studies Then ...
Visual Of Case Study Day 2 Process (Show & Tell Your Presentation- Don't Pass It Around- Give Command Term Definitions)
PRESENT Your Tables By Explaining How To Draw, Label & Fill In The NUmbers.
Finished Early? Don't Pack Up! Work On The 12 Chapter Review Tasks! Including 45 Multiple Choice Questions Due On Review Day.
WATCH 3.4 Chapter Review
Handout: Formula Sheet For Final Accounts
Handout: The IB Guide's P&L Statement And Balance Sheet Formats - Read
Video: Income Statement And Balance Sheet Exam Review
EXAM TIP!
Instruction Sheet for Review Assignment
What Should You Do If You Get Stuck On A Question? Don't Skip It! Do This...
New 3.4 Review Worksheets With 12 Tasks & 2 Sets Of M/C 1-20 & 1-25 (Title The Top Of A New Page. Then Label The Tasks And Write The Answers In Your Composition Notebook)
Put Away Your Pen & Pencil On Review Day- Only Have A Color Pen On Your Desk
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 ...
Memorize & Review The 3.4 Exam Formulas
Exam Practice: Profit & Loss Accounts
Exam Practice: Balance Sheet
Exam Practice: Straight Line Depreciation
Come Here On Quiz Day If You Are In The Classroom - Makeups Are On The Day You Return
Visual: Quiz Day Schedule Of Activities
Link To All Mental Health & Resiliency Videos