BKF_FIU1 Financial Accounting 1

Faculty of Economics and Administration
Autumn 2022
Extent and Intensity
26/0/0. 8 credit(s). Type of Completion: zk (examination).
Teacher(s)
Ing. Michaela Jurová, Ph.D. (lecturer)
Ing. Petr Valouch, Ph.D. (lecturer)
Ing. Zuzana Křížová, Ph.D. (assistant)
Guaranteed by
Ing. Petr Valouch, Ph.D.
Department of Finance – Faculty of Economics and Administration
Contact Person: Iva Havlíčková
Supplier department: Department of Finance – Faculty of Economics and Administration
Timetable
Fri 7. 10. 12:00–15:50 P102, Sat 12. 11. 8:00–11:50 P102, Fri 9. 12. 12:00–15:50 P101
Prerequisites
(( BKE_MIE1 Microeconomics 1 || BPE_MIE1 Microeconomics 1 ) || ( FSpS:bk1039 Management ) || ( FSpS:bk2039 Management ) || ( BKH_ZMAN Basics of Management || BKE_ZEKO Principles of Economics ))
The course "Financial accounting 1" follows basic courses of the faculty and knowledge gained there. No special prerequisites are demanded.
Course Enrolment Limitations
The course is also offered to the students of the fields other than those the course is directly associated with.
fields of study / plans the course is directly associated with
Course objectives
In conditions of market economy the financial accounting is a basic diagnostic tool that enables us to analyse and evaluate a financial situation of economically active subjects. The double-entry method and accrual principle of accounting gives the management a complex view of the financial health of companies (corporations and institutions) and results of their management without regard to cash flows. Its objective is to give a fair and true view of assets and liabilities, costs and revenues, equity capital and net income of economic entities.
The aim of the course is to make students familiar with the basic theoretical aspects of accounting, its philosophy, accounting environment and tasks that it should fulfil as one of the basic instruments of financial management.
At the of the course students should be able to:
- understand generally accepted principles, presumptions and principles of the accounting, its functions, basic categories and methods of reflecting economic phenomena in the accounting;
- apply accounting techniques of everyday economic transactions;
- specify economic categories of assets and liabilities and impacts of their changes on the balance sheet, costs and revenues, cash flow and realized profit;
- apply basic knowledge about the ways of reflecting assets and capital, valuation methods, long-term assets depreciation, creation of reserves and adjusting items and preparation of accounting statements. The course is conducted in the context of an ongoing process of world and European accounting harmonisation and reflects impacts of a tax system on accounting.
Learning outcomes
Finishing the course students should be able to:
- understand generally accepted principles, presumptions and rules of the accounting, its functions, basic categories and methods of reflecting economic phenomena in the accounting;
- apply accounting techniques to usual economic transactions;
- specify economic categories of assets and liabilities and impacts of their changes on the balance sheet, expenses and revenues, cash flow and net income;
- apply basic knowledge of recognition of assets and capital, valuation methods, long-term assets depreciation, creation of reserves and adjusting items and preparation of accounting statements.
Syllabus
  • 1. Substance and functions of accounting, characteristic features and legal aspects of accounting, general accounting principles. Balance sheet in accounting, its function, system and utilization.
  • 2. Assets and liabilities, their structure and definition, assets and liabilities classes, their mutual relations. Balance sheet system, impact of economic transactions on balance sheet.
  • 3. Costs and revenues of accounting unit as part of profit and loss statement.
  • 4. Methodical parts of accounting, account and account system, chart of accounts and outline of accounts, accounting documents, account books, accounting control system.
  • 5. Liabilities and assets valuation in accounting unit, valuation principles, valuation base, valuation of assets of same class, financial assets valuation.
  • 6. Taxes in accounting, theoretical approaches to long-term assets depreciation, methods of creation and clearance of reserves and adjusting items.
  • 7. Methods of long-term assets depreciation (both accounting and tax perspective).
  • 8. Reserves and adjusting items in accounting (prudence concept).
  • 9. Financial accounts, their structure and importance, cash, cash in transit, bank accounts.
  • 10. Inventory, its definition and inventory valuation method. Inventory function and basic accounting operations, two ways of accounting – A and B. Uniqueness of internally produced inventory accounting.
  • 11. Classification of long-term assets, ways of their acquisition. Basic procedures of accounting of assets acquisition and depiction during their lifetime.
  • 12. Clearing relations. Procedures of accounting of receivables and liabilities of accounting unit (from business relations, to employees and to shareholders).
Literature
    required literature
  • VODÁKOVÁ, Jana, Eva HÝBLOVÁ, Zuzana KŘÍŽOVÁ, Petr VALOUCH and Filip HAMPL. Finanční účetnictví 1. Sbírka příkladů (Financial accounting 1. Collection of examples). 1st ed. Brno: Masarykova univerzita, 2021, 164 pp. ISBN 978-80-210-9915-9. info
  • SEDLÁČEK, Jaroslav. Základy finančního účetnictví. Plzeň: Vydavatelství a nakladatelství Aleš Čeněk, 2016, 191 stran. ISBN 9788073806125. info
    recommended literature
  • RYNEŠ, Petr. Podvojné účetnictví a účetní závěrka : průvodce podvojným účetnictvím k 1.1.2022. 22. aktualizované vydání. Olomouc: Anag, 2022, 1180 stran. ISBN 9788075543486. info
  • STEJSKALOVÁ, Irena. Finanční účetnictví pro manažery : s netradičně pojatými případovými studiemi. 3. aktualizované vydání. Praha: Wolters Kluwer, 2021, 192 stran. ISBN 9788075527738. info
  • RANDÁKOVÁ, Monika. Finanční účetnictví v České republice. Vyd. 1. V Praze: Vysoká škola ekonomická, 2015, 227 stran. ISBN 9788024520766. info
Teaching methods
Tuition takes place in the form of tutorials for a total of 12 hours. Students are acquainted with the theoretical basis of the subject and with application of accounting procedures and methods for display of economic phenomena in business corporations. During the semester, a check is made during studies through work corrected by tutor. The course ends with a written exam test.
Assessment methods
Submission of a semester paper referred to as a POT. Written exam test may content multiple choice and from 2 to 3 practical examples. As maximum student can get 30 points, for successfully passing the exam minimum 19 points is required. Any copying, recording or leaking tests, use of unauthorized tools, aids and communication devices, or other disruptions of objectivity of exams (credit tests) will be considered non-compliance with the conditions for course completion as well as a severe violation of the study rules. Consequently, the teacher will finish the exam (credit test) by awarding grade "F" in the Information System, and the Dean will initiate disciplinary proceedings that may result in study termination.
Language of instruction
Czech
Follow-Up Courses
Further comments (probably available only in Czech)
The course is taught annually.
Information on the extent and intensity of the course: tutorial 12 hodin.
Credit evaluation note: k = 1,50.
Listed among pre-requisites of other courses
The course is also listed under the following terms Autumn 2009, Autumn 2010, Autumn 2011, Autumn 2012, Autumn 2013, Autumn 2014, Autumn 2015, Autumn 2016, Autumn 2017, Autumn 2018, Autumn 2019, Autumn 2020, Autumn 2021.
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