Accounting

• 26 hrs lectures
• 26 hrs exercises

Students will understand the basic principles of accounting and interconnection in accounting operations and in financial statements. Students will gain the skills of identification of accounting operations and their influence on the items of financial statements, and skills of preparation of financial statements.

The objective of the subject is to explain to students in the basic principles of accounting and in the primary interconnections in financial statements that are the key to an understanding of any accounting system.

Basic general knowledge of business economics.

Content of the lectures
1. Characteristics of double entry bookkeeping, main principles a methods
2. Balance sheet 4 main balance sheet changes
3. Costs and revenues, profit and loss statement
4. Fundamentals of bookkeeping, account, G/L and Journal, methodological instruments
5. Current assets - financial accounts and inventory
6. Current assets – receivables and short term payables
7. Clearing relations - fixed assets
8. Clearing relations - equity and long term loans
9. Overview of costs and revenues, closing of accounts
10. Structure of financial statements, dsclosure and audit
11. History of accounting, IT in bookkeeping transactions
12. Regulation of accounting, national and international reporting systems
13. Harmonization of accounting across the world, application of IFRS and US GAAP

Content of the course
1. Organizational matters, financial statements.
2. Balance sheet, balance sheet changes.
3. Profit and loss account, creation of profit.
4. Fundamentals of bookkeeping, methodological instruments.
5. Financial accounts (characteristics, evaluation and accounting for money, short-term loans and short-term securities)
6. Current assets – inventory (characteristics, valuation, accounting).
7. Clearing relations - receivables and short term paybles.
8. Clearing relations - fixed assets.
9. Equity, long-termexternal sources.
10. Overview of costs and revenues, closing accounts
11. Financial statements, disclosure and audit.
12. Written test
13. Discussion about results, consultation of problems.

Credit:
Credit written test (at the end of the semester). Pass mark 50 %.
Examination:
Written test with closed questions. Pass mark 50 %.
The credit will have a 40 % weighting in the overall course mark while the examination will account for 60 %.

The course contain one two-hour lecture per week that explains the basic principles, problems and methodology of the discipline. A two-hour seminar per week promoting practical applications of the material presented in the lectures.

Student´s participation on seminar is monitored.