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Course detail
FP-UfuPAcad. year: 2025/2026
The course Financial Accounting builds upon the foundations laid in the course Accounting. It provides students with an in-depth understanding of accounting for non-current assets, inventories, receivables, equity, and liabilities, including related expenses and revenues, the financial result, and its allocation. An important component of the course is a detailed examination of internal controls within the accounting system.
Language of instruction
Number of ECTS credits
Mode of study
Guarantor
Department
Entry knowledge
Students need to know:- methods of double-entry bookkeeping- the accounting definition of asset items and their valuation- about the concepts and definitions of funding sources- about the costs, revenues and profits of the enterprise- about the connections between the given accounting categories and how they are incorporated into the financial statements.This means that they must have successfully completed the course Accountancy.
Rules for evaluation and completion of the course
Credit Requirements: To obtain course credit, students must meet the required attendance at seminars (a maximum of three absences may be excused) and successfully pass the credit test with a score exceeding 50%.
Final Examination: The examination consists of a written (electronic) multiple-choice test. A minimum success rate of 50% is required to pass.
Individual Study Plan: The same conditions apply for students following an individual study plan, except for the minimum attendance requirement for seminars.
Aims
The aim of the course is to explain the conceptual framework and content of items presented in financial statements. Students will acquire knowledge and skills related to closing procedures and the preparation of financial statements. They will gain theoretical understanding of balance sheet and income statement items and become familiar with the accounting regulations governing these operations under Czech legislation.
Students will develop practical skills necessary for recording transactions related to corporate assets, their sources of financing, as well as cost and revenue processes. They will also learn to handle specific accounting operations that ensure a true and fair view of the accounting entity.
Upon successful completion of the course, students will be able to carry out routine accounting procedures in a business corporation and propose appropriate solutions for specific accounting operations.
Study aids
Outlines of lectures and materials for exercises are published electronically in Subject Updates and Teaching Materials.
Prerequisites and corequisites
Basic literature
Recommended reading
Classification of course in study plans
specialization BAK-EAM-UAD , 2 year of study, winter semester, compulsory
Lecture
Teacher / Lecturer
Syllabus
1. week: Tangible and Intangible Non-Current Assets – valuation, methods of acquisition including finance leases of non-current assets
2. week: Lifecycle of Non-Current Assets – depreciation (component depreciation, residual value), repairs and technical improvement, disposals (through sale, donation, or liquidation)
3. week: Financial Assets – long-term and short-term, valuation at acquisition and at the balance sheet date – fair value, equity method
4. week: Inventories – definition, valuation at acquisition and upon issuance, methods of acquisition and disposal, allowances for inventory
5. week: Receivables – short-term and long-term, trade receivables, write-offs and allowances, assignment of receivables, promissory note receivables
6. week: Liabilities – short-term and long-term, trade liabilities, advances received, taxes and subsidies, payroll liabilities
7. week: Provisions – nature and function, types, recognition and derecognition; Equity – structure, share capital, funds
8. week: Costs and Revenues – their structure, content, and accounting within the cost and revenue account groups
9. week: Profit or Loss – determination of the financial result, accounting for its distribution, advances on profit shares
10. week: Closing Procedures (broad perspective) – accruals and deferrals, estimated receivables and liabilities, foreign exchange differences at the balance sheet date
11. week: Account Closing, Income Tax (current and deferred)
12. week: Disclosure and Audit of Financial Statements
13. week: Digitalization in Accounting Practice, Communication Between Accountants and Other Professionals
Exercise
The tasks worked on in the seminars follow on from the topics presented in the lectures.
Individual preparation for an ending of the course
Self-study