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.

    • 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

  • 2

    Your Notebook Is Your Most Important Weekly Grade & Prepares You For The May Exams

    • 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.

  • 3

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

    • 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

  • 4

    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

  • 5

    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?

  • 6

    The Principles & Ethics Of Accounting Practice

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

  • 7

    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

  • 8

    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)

  • 9

    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

    • 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

  • 10

    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?

  • 11

    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)

  • 12

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

    • 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 ...

  • 13

    Let's Do Some Case Studies

    • 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.

  • 14

    Review Activities

    • 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

  • 15

    Exam Practice: Do These Practice Questions Before Your May Exams (Don't Look At The Markscheme Until You Have Written A Complete Answer)

    • Exam Practice: Profit & Loss Accounts

    • Exam Practice: Balance Sheet

    • Exam Practice: Straight Line Depreciation

  • 16

    3.4 Quiz

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

    • Visual: Quiz Day Schedule Of Activities

  • 17

    District Resiliency Videos

    • Link To All Mental Health & Resiliency Videos