ITAA Bekwaamheidsexamen Accountant cheat sheet

Accounting equation: assets = liabilities + equity; every journal entry keeps this balance, so total debits equal total credits.

Accrual basis: revenue is recognised when performance obligations are satisfied and expenses when incurred, independent of cash timing.

Depreciation methods: straight-line = (cost − residual value) / useful life; declining balance applies a fixed percentage to the carrying amount each period.

Inventory valuation under Dutch GAAP: cost or lower net realisable value; FIFO and weighted average are permitted, LIFO is not.

Revenue recognition (RJ 270 / IFRS 15): identify the contract, identify performance obligations, determine transaction price, allocate price, recognise on satisfaction.

Materiality: an omission or misstatement is material if it could influence economic decisions of users; assess both quantitative and qualitative factors.

Going concern: management assesses at least 12 months from balance sheet date; material uncertainty must be disclosed.

Consolidation: control exists with power over the entity, exposure to variable returns, and ability to use power to affect returns.

Ratio analysis: current ratio = current assets / current liabilities; quick ratio excludes inventory and prepayments.

Wet Vpb: taxable profit = accounting profit ± permanent and temporary differences; losses may be carried back one year and forward six years (nine for 2022+ losses).

Participation exemption (deelnemingsvrijstelling): applies to holdings of at least 5% where the participation test or motive test is met; gains and dividends exempt.

Innovatiebox: effective rate on qualifying profits is 9% up to the first EUR 50,000 of profit and 16% above that threshold.

Box 2 (aanmerkelijk belang): 5% or more shareholding; 2024 rates are 24.5% up to EUR 67,000 and 33% above.

Box 3: deemed return on assets with a tax-free allowance of EUR 57,000 per person (2024); the actual-return option applies to the 2023-2026 period.

VAT (btw): standard rate 21%, reduced rate 9% for food, books, and certain services; 0% for intra-EU supplies and exports with valid documentation.

Dividend withholding tax: main rate 15%; a conditional reduced rate of 8.3% applies to qualifying profits up to EUR 200,000 (2024).

Transfer pricing: arm's-length principle under Article 8b Wet Vpb; documentation obligations apply to entities above the EUR 50 million consolidated revenue threshold.