BPF_AFIA Financial Accounting

Faculty of Economics and Administration
Autumn 2017
Extent and Intensity
2/2/0. 6 credit(s). Type of Completion: zk (examination).
Teacher(s)
Ing. Bc. Jana Hvozdenská, Ph.D. (lecturer)
Ing. Petr Valouch, Ph.D. (lecturer)
Guaranteed by
Ing. Petr Valouch, Ph.D.
Department of Finance – Faculty of Economics and Administration
Contact Person: Mgr. Jana Nesvadbová
Supplier department: Department of Finance – Faculty of Economics and Administration
Prerequisites
No special prerequisites are demanded.
Course Enrolment Limitations
The course is offered to students of any study field.
Course objectives
The aim of this course is to describe and explain basic principles, assumptions and methods of financial accounting and to compile the financial statements of the enterprise. Accounting is often called the "language of business." This language can be viewed as an information system that provides essential information about the financial activities of an entity to various individuals or groups for their use in making informed judgments and decisions. Correct understanding and explanation of this “information base” is the next aim of this course. At the end of this course a student will be able to: - describe and explain basic principles, assumptions and principles of financial accounting; - use basic methods of accounting viewing of economic processes in companies; - analyze the simple economic problems, establish a procedure to assess the impact of accounting and financial solutions for profit; - compile the financial statements of the enterprise; - characterize the general methods of harmonization in accounting; - understand to concept of basic international accounting rules like IFRS ans US GAAPs, etc.
Learning outcomes
At the end of this course a student will be able to: - describe and explain basic principles, assumptions and principles of financial accounting; - use basic methods of accounting viewing of economic processes in companies; - analyze the simple economic problems, establish a procedure to assess the impact of accounting and financial solutions for profit; - compile the financial statements of the enterprise; - characterize the general methods of harmonization in accounting; - understand to concept of basic international accounting rules like IFRS ans US GAAPs, etc.
Syllabus
  • Content of lectures and seminars: 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 and related accounting procedures. 4. Methodical parts of accounting, account and account system, chart of accounts and outline of accounts, accounting documents, account books, accounting control system. 5. Inventory accounting methods, its valuation, inventorying and analytical evidence. Specific accounting techniques concerning internally produced inventory. Strange cases of inventory accounting at the end of accounting period. 6. Financial accounts, their structure and importance, cash, cash in transit, bank accounts. 7. Accounting techniques concerning long-term (fixed) assets of accounting unit. Classification of long-term (fixed) assets, ways of their acquisition. Basic procedures of accounting of assets acquisition and depiction during their lifetime. Methods of long-term (fixed) assets depreciation (accounting perspective). 8. Characteristic of clearing relations. Accounting procedures concerning receivables and liabilities from business relationships. 9. Accounting concerning equity of accounting unit. Changes in equity, capital funds, profit funds, accumulated profit or outstanding loss from previous years and loss/profit from this accounting period. 10. Accounting concerning long-term borrowed capital and reserves. Obligation emission and long-term bank credits. 11. Compilation of closing accounting statements – balance sheet, profit and loss statement, Notes to the financial statements, cash flow statement and equity changes statement. 12. Introduction to the European accounting, harmonization of accounting, Directives of the European union. US GAAP 13. International Financial Reporting Standards - conceptual framework.
Literature
    required literature
  • DAVID ALEXANDER AND CHRISTOPHER NOBES. Financial Accounting: An International Introduction. Sixth edition. Pearson Education Limited, 2016. ISBN 978-1-292-10299-3. info
    recommended literature
  • HORNGREN, SUNDEM, ELLIOTT, PHILBRICK. Introduction to Financial Accounting. Eleventh edition. Pearson Education Limited, 2014. ISBN 1-292-04057-2. info
Teaching methods
Lectures of the theory, seminars on the accounting of basic economic operations typical for companies using basic international and national accounting rules. Compilation of financial statements.
Assessment methods
Claims for exam: - 85% participation of seminars (i.e. absence at max 2 seminars is allowed). - 1 presentation of theory or practice during the semester. In case of practical presentation (i.e. exercise), the exercise is chosen by a student or by a lecturer always minimally one week in advance. Unless the student is excused (he/she is ill), the student has to present the exercise at specified date. - Two control tests, minimum required amount is 60% of correct answers. Points from two tests are accumulated. Tests contain theoretical (questions) and practical part (exercises). - Final test is a written exam. Attention! Getting a minimum amount of points from two control tests is a necessary requirement for being eligible to take a final exam. Final grade scale is following: 100 - 92 % - A 91 - 84 % - B 83 - 76 % - C 75 - 68 % - D 67 - 60 % - E Less than 60 % - F
Language of instruction
English
Further comments (probably available only in Czech)
Study Materials
The course is taught annually.
The course is also listed under the following terms Autumn 2018, Autumn 2019, Autumn 2020, Autumn 2021, Autumn 2022, Autumn 2023, Autumn 2024.
  • Enrolment Statistics (Autumn 2017, recent)
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