Course detail
Accounting for Enterpreneurs
FP-BAENEAcad. year: 2017/2018
In the course, students are introduced to the general characteristics of accounting and its methodological tools and accounting legislation. The main attention is paid to the contents of the financial statements. In the balance sheet they are introduced to its items and their valuation method.
Language of instruction
English
Number of ECTS credits
4
Mode of study
Not applicable.
Guarantor
Department
Learning outcomes of the course unit
Students acquire theoretical knowledge of issues in balance sheets and results, and should know the rules for the accounting treatment of these transactions in accordance with Czech legislation. Students gain the skills needed for accounting operations connected with the existence of all forms of property in the enterprise, its sources of financing, cost and revenue processes. They acquire skills in the specific accounting operations that provide a true and fair picture of the enterprise. They also practice producing financial statements.
After completing the course students are able to carry out routine accounting operations in a company, propose solutions for specific accounting operations and produce financial statements.
After completing the course students are able to carry out routine accounting operations in a company, propose solutions for specific accounting operations and produce financial statements.
Prerequisites
Basic highschool knowledge of math and budiness economics.
Co-requisites
Not applicable.
Planned learning activities and teaching methods
Teaching is carried out through lectures and seminars. Lectures consist of interpretations of basic principles, methodology of given discipline, problems and their exemplary solutions. Seminars particularly support practical mastery of subject matter presented in lectures or assigned for individual study with the active participation of students.
Assesment methods and criteria linked to learning outcomes
Evaluation of semestral work.
Written test at the end of the semester.
Sum of the points will be the base for final marking (ECTS label for BTU).
Written test at the end of the semester.
Sum of the points will be the base for final marking (ECTS label for BTU).
Course curriculum
Content of the lectures:
1. Introduction to Financial Accounting for Enterprenaurs. Functions of accounting, characteristic features and legal aspects of accounting. General accounting principles. IFRS for SMEs.
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. Accounting cycle. Methodical parts of accounting, chart of accounts, accounting documents, books and control system.
5. Key valuation principles, valuation base, valuation of assets of same class, financial assets valuation.
6. Financial accounts, their structure and importance, cash, cash in transit, bank accounts.
7. Inventory, its definition and inventory valuation method. Inventory function and basic accounting operations.
8. Classification of long-term assets, basic procedures of of assets acquisition and depiction during their lifetime, methods of long-term assets depreciation.
9. Procedures of accounting of receivables and liabilities of accounting unit (from business relations, to employees and to shareholders).
10. Basic accounting techniques of costs and revenue. Equity and borrowed capital of accounting unit.
11. Other key elements of financial statements – Statements of Cash Flows, Statemenet of Changes in Equity. Commentary and annual reports.
12. Harmonisation of accounting in the world. IFRS and US GAAP.
13. Fundamental elements of simple accounting.
1. Introduction to Financial Accounting for Enterprenaurs. Functions of accounting, characteristic features and legal aspects of accounting. General accounting principles. IFRS for SMEs.
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. Accounting cycle. Methodical parts of accounting, chart of accounts, accounting documents, books and control system.
5. Key valuation principles, valuation base, valuation of assets of same class, financial assets valuation.
6. Financial accounts, their structure and importance, cash, cash in transit, bank accounts.
7. Inventory, its definition and inventory valuation method. Inventory function and basic accounting operations.
8. Classification of long-term assets, basic procedures of of assets acquisition and depiction during their lifetime, methods of long-term assets depreciation.
9. Procedures of accounting of receivables and liabilities of accounting unit (from business relations, to employees and to shareholders).
10. Basic accounting techniques of costs and revenue. Equity and borrowed capital of accounting unit.
11. Other key elements of financial statements – Statements of Cash Flows, Statemenet of Changes in Equity. Commentary and annual reports.
12. Harmonisation of accounting in the world. IFRS and US GAAP.
13. Fundamental elements of simple accounting.
Work placements
Not applicable.
Aims
The main goal of the course is to provide students with basic knowledge for understanding and explaining information of the financial statements and for preparing simple statements for SMEs.
Specification of controlled education, way of implementation and compensation for absences
Participation of students is monitored, and in the case of unexcused absence the student must proceed according to the instructions of the teacher.
Recommended optional programme components
Not applicable.
Prerequisites and corequisites
Not applicable.
Basic literature
Act No. 563/1991 Coll. on Accountancy (EN)
LERNER, J. M. Bookkeeping and Accounting. Crash course. Schaumś easy outlines. (EN)
MALBURG, C. R. Accounting for the New Business. Adams Media Corporation Avon, Massachutsetts. ISBN: 1-55850-759-0 (EN)
LERNER, J. M. Bookkeeping and Accounting. Crash course. Schaumś easy outlines. (EN)
MALBURG, C. R. Accounting for the New Business. Adams Media Corporation Avon, Massachutsetts. ISBN: 1-55850-759-0 (EN)
Recommended reading
Hans B. Christensen, Edward Lee, Martin Walker & Cheng Zeng (2015) Incentives or Standards: What Determines Accounting Quality Changes around IFRS Adoption?,
European Accounting Review, 24:1, 31-61, DOI:
10.1080/09638180.2015.1009144
(EN)
Accounting standards codification. (2014). Norwalk: Financial Acctg Standards. (EN)
FLOOD, Joanne M. Wiley GAAP 2013: Interpretation and application of generally accepted accounting principles. 4 ed. Hoboken, N.J.: Wiley, c2013, xvii, 1321 s. ISBN 978-111-8277-256. (EN)
Accounting standards codification. (2014). Norwalk: Financial Acctg Standards. (EN)
FLOOD, Joanne M. Wiley GAAP 2013: Interpretation and application of generally accepted accounting principles. 4 ed. Hoboken, N.J.: Wiley, c2013, xvii, 1321 s. ISBN 978-111-8277-256. (EN)
Classification of course in study plans
- Programme BAK-E Bachelor's
branch BAK-ESBD , 1 year of study, summer semester, compulsory
- Programme BAK-E-CŽV lifelong learning
branch BAK-ESBD-CŽV , 1 year of study, summer semester, compulsory
Type of course unit
Lecture
26 hod., optionally
Teacher / Lecturer
Syllabus
lectures, preparing and presetnation of cases with preparing financial statements
individual selfstudy before examination, written test
1. Introduction to Financial Accounting for Enterprenaurs. Functions of accounting, characteristic features and legal aspects of accounting. General accounting principles. IFRS for SMEs.
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. Accounting cycle. Methodical parts of accounting, chart of accounts, accounting documents, books and control system.
5. Key valuation principles, valuation base, valuation of assets of same class, financial assets valuation.
6. Financial accounts, their structure and importance, cash, cash in transit, bank accounts.
7. Inventory, its definition and inventory valuation method. Inventory function and basic accounting operations.
8. Classification of long-term assets, basic procedures of of assets acquisition and depiction during their lifetime, methods of long-term assets depreciation.
9. Procedures of accounting of receivables and liabilities of accounting unit (from business relations, to employees and to shareholders).
10. Basic accounting techniques of costs and revenue. Equity and borrowed capital of accounting unit.
11. Other key elements of financial statements – Statements of Cash Flows, Statemenent of Changes in Equity. Commentary and annual reports.
12. Harmonisation of accounting in the world. IFRS and US GAAP.
13. Fundamental elements of simple accounting.
individual selfstudy before examination, written test
1. Introduction to Financial Accounting for Enterprenaurs. Functions of accounting, characteristic features and legal aspects of accounting. General accounting principles. IFRS for SMEs.
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. Accounting cycle. Methodical parts of accounting, chart of accounts, accounting documents, books and control system.
5. Key valuation principles, valuation base, valuation of assets of same class, financial assets valuation.
6. Financial accounts, their structure and importance, cash, cash in transit, bank accounts.
7. Inventory, its definition and inventory valuation method. Inventory function and basic accounting operations.
8. Classification of long-term assets, basic procedures of of assets acquisition and depiction during their lifetime, methods of long-term assets depreciation.
9. Procedures of accounting of receivables and liabilities of accounting unit (from business relations, to employees and to shareholders).
10. Basic accounting techniques of costs and revenue. Equity and borrowed capital of accounting unit.
11. Other key elements of financial statements – Statements of Cash Flows, Statemenent of Changes in Equity. Commentary and annual reports.
12. Harmonisation of accounting in the world. IFRS and US GAAP.
13. Fundamental elements of simple accounting.