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Importance of Reporting
Various types of reports
Financial Statements
Types of payment documents
Requirements of payment documents
100
Who is the subject of reporting?
The business company.
100
What is the characteristics of managerial accounting?
The source is financial accounting, it reports chosen data to the management.
100
Name the 4 basic statements. Where can you find them? Where are these statements reported?
Balance sheet, profit and loss account, cash flow, stockholder equity, plus attachment to closing financial statement. (financial closure). These statements are reported in business register, auditors and annual reports.
100
What is a receipt (simplified accounting document)?
A basic document confirming a financial transaction, it includes: item, number of pieces sold, tax id, id of the seller, address, date, tax rate, electronic tax evidence codes (FIK, BKP), total price. (only up to the amount of 10 thousand CZK including tax).
100
Where are the requirements defined
Act on accounting (Accounting law).
200
Who prepares the information for reports?
The information is prepared by the accountant and checked (varified) by the auditor.
200
Who is management accounting intended for? (Who is the user of management accounting)?
Management.
200
What is in the balance sheet?
Balance sheet shows assets, liabilities and stockholder's equity.
200
What is an invoice?
A document confirming financial transaction (usually sale) between 2 parties. It includes: identification of both parties, date, address of both parties, VAT rate, description of items, total price, number of items, date of tax record (in case of VAT payers), due date, number of account of the issuer, signature, number of invoice, identification of the order.
200
Must the payment document be stamped?
No.
300
For who is the report prepared?
Internal and external users.
300
Characterize financial accounting.
Accounting units must keep correct, complete, proven, clear, understandable accounting in a way that enables keeping of accounting data.
300
Characterise the profit and loss account.
Profit and loss account bring income data, expenditure data, profit and loss before tax and profit and loss after tax, their schedule (dates) and amounts.
300
What is proforma invoice?
Proforma invoice is a form of pre-payment.
300
Where do we find identification number/tax identification number of a company?
In business (commercial), ARES (Administrative Register of Economic Subjects, issued by the Ministry of Finance).
400
What is in internal reports?
Sensitive information: budgets, plans, new projects, price policy, margin, profit, profit division.
400
Is financial accounting regulated by legislation?
Yes, the form and structure of information are obligated.
400
Characterise commentary to closing financial statement?
It brings detailed information about the data collected including commentary on used accounting methods.
400
Characterise credit note.
Credit note is a form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account.
400
Where do we find VAT and Tax ID of foreign companies?
In the VIES (VAT Information Exchange System)
500
What is in external reports?
Based on legislation the content is formal and mandatory. External reports describe the structure and financial health of the company.
500
Do you know any law?
Accounting law, law on income tax, law on the VAT, the road tax law, the law on obtaining of real estate, ...etc.
500
What is cash-flow?
It is an overview of monetary flows (financial flows) in the company.
500
What is a payment order?
It is an order from my bank to send money from my account to my business partner's account.
500
What items must the tax document contain?
A lot. (invoice number, dic of both sides, id of both sides, address of both sides, description of items, tax due date, date of issue, tax rate, etc.)