Course syllabus FU1 - Financial Acccounting I (FBE - SS 2014/2015)


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Course code: FU1
Course title in language of instruction: Finanční účetnictví I
Course title in Czech: Financial Acccounting I
Course title in English: Financial Acccounting I
Mode of completion and number of credits: Exam (5 credits)
(1 ECTS credit = 28 hours of workload)
Mode of delivery/Timetabled classes: full-time, 2/1 (hours of lectures per week / hours of seminars per week)
Language of instruction: Czech
Level of course: bachelor
Semester: SS 2014/2015
Name of lecturer: doc. Ing. Patrik Svoboda, Ph.D. (examiner, instructor, lecturer, supervisor)
Prerequisites: Tax System
 
Aims of the course:
The course evolves knowledges from the course Accounting - explanation of basic terms in the theory of accounting, the principles of balancing the property amounts and liabilities in the particular accounting operations, operations in accounts and accounting statements including opening and closing of bookkeeping. The course Financial Accounting I strives to provide students with a legal modification of bookkeeping, description of economic operations based on current methods of double-entry bookkeeping for enterprising subjects in the Czech Republic. Emphasis is laid on information in financial statements.
 
Course contents:
1.Principles of accounting (allowance 6/4)
 
a.Definition of accounting, information needs of user of financial statements, nature and status of accounting information system. Balance sheet, balancing principle. Importance of the balance sheet, the form of balance sheet. Economic and accounting operations, their influence on items of balance sheet. Methodological instruments of accounting (accounting documents, chronology, synthetic and analytical accounts. Eduction of asset and liability accounts and profit or loss account, synthetic and analytical accounts, recording of economic transactions using accounts. The control system of accounting (material and nominal correctness.Closing accounts, recognition of profit or loss. Reporting - financial statements (form and content).

2.Legislation in the area of accounting (Accounting Act, Publice Notice Nr. 500 of HM Treasury, Czech Accounting Standards, Internal Accounting rules) (allowance 2/0)
3.Financial accounting for entrepreneurs - Account Class 1 - Inventories (allowance 0/0)
 
a.Identification and valuation of inventories. Method A - continuous method of booking of inventories purchased. Methods for valuation of inventories of the same kind of stock. Method B - periodical method of booking of inventories purchased. Booking of materials and merchandise at the closing day.

4.Financial accounting for entrepreneurs - Account Class 2 - Short-term financial assets and bank loans and financial accomodations (allowance 0/0)
 
a.Booking of cash and valuables (duty stamps and others. Bank accounts, cash in transit. Short-term securities and ownership interests. Short-term bank loans and short-term accomodations.

5.Financial accounting for entrepreneurs - Account Class 3 - Receivables and liabilities (allowance 1/1)
 
a.Trade receivables and payables. Payroll, payables from partners, cooperative members and association members. Tax duties. Estimated receivable and estimated payables.

6.Financial accounting for entrepreneurs - Account Class 0 - Fixed assets (allowance 6/4)
 
a.Tangible and intangible fixed assets - definition and valuation. Booking of acquisition, depreciation and ammmortization and disposals of tangible and intangible fixed assets. Inventory of tangible and intangible fixed assets and booking at the closing day. Leasing contracts. Long-term financial assets (securities). Acquisition and valuation at the balancing day.

7.Financial accounting for entrepreneurs - Account Class 4 - Recording of equity (allowance 3/1)
 
a.Establishment of a capital company
b.Increases and reductions in capital
c.Provisions
d.Long-term payables

8.Costs, expenses nad revenues, classification, methods of booking. (allowance 1/0)
9.Closing entries, profit or loss calculation in personal and capital companies, profit or loss allocation. (allowance 1/1)
10.Accounting statements (contents and form) (allowance 2/0)
 
Learning outcomes and competences:
Generic competences:
 
-ability to analyse and synthesize
-ability to apply knowledge
-ability to make decisions
-professional knowledge
-skilled at utilizing and processing information

Specific competences:
 
-Ability to assess the impact of the economic transactions recording in the financial statements
-Ability to capture the business / economic transactions in the accounting system
-The ability of professional explanation and definition in the field of accounting and taxes

Type of course unit: optional
Year of study: Not applicable - the subject could be chosen at anytime during the course of the programme.
Work placement: There is no compulsory work placement in the course unit.
Recommended study modules: -
 
Learning activities and study load (hours of study load):
Type of teaching methodDaily attendance
Direct teaching
     lecture28 h
     practice14 h
     consultation10 h
Self-study
     preparation for exam42 h
     preparation for regular assessment21 h
     preparation for regular testing25 h
Total140 h
 
Assessment methods:
Approximately after three or four weeks is verified understanding of the basis of double entry accounting by a written test (balance sheet, opening accounts, recording of economic transactions, closing of accounts, verification of duality of recording, closing accounts, recording of profit or loss, making of simplyfied statements). Credit is awarded upon successful solving of three short examples (similar to these solved in the exercises).
The course is completed by passing a written examination, which consists of two parts - part "examples" (usually three examples to the solution) and part "theory" two theoretical questions for answering - issues presented in lectures and from recommended literature sources). Successful completion of each section requires approximately 65% of correct answers (in the examples there is judged the relevance of errors - such as if error affects profit or loss, total assets, etc.). Weight of the examples in the overall rating is 55%.
 
Recommended reading:
TypeAuthorTitlePublished inPublisherYearISBN
RQKOVANICOVÁ, D.Abeceda účetních znalostí pro každéhoPrahaPolygon2009978-80-7273-156-5
RQRYNEŠ, P.Podvojné účetnictví a účetní závěrka 2013OlomoucANAG2013978-80-7263-793-5
REBŘEZINOVÁ, H. -- MUNZAR, V.Účetnictví IPrahaInstitut Svazu účetních978-80-86716-45-9
REÚčetnictví podnikatelů 2013: výklad je zpracován k právnímu stavu ke dni 1.1.2013. 10. vyd. Praha: Wolters Kluwer, 2013. 712 s. ISBN 978-80-7357-993-7

RQrequired
RErecommended


Last modification made by Ing. Marcel Vytečka on 05/18/2015.

Type of output: