Financial Accounting 2600-DSMz2RF

1. Category, subject, object and basic concepts of accounting. Accounting standards.
2. Balance sheet as the basic account in an entity. Ways of data ordering within a balance sheet. Detailed characteristics of balance sheet information structure (long-term and short-term assets, owners’ equity, liabilities, accrued revenues and prepaid expenses, net assets and working capital)
3. Performance measurement in accounting - theoretical aspects (theory of streams). Accrual approach to performance measurement and profit and loss account (P&LA). P&LA and balance sheet – mutual relations. Categories of revenues and costs in accounting. P&LA information structure. Segmentation of P&LA, different levels of income and ways of their calculation.
4. Current assets – classification and valuation basic rules (purchase price, production cost, fair value).
5. Fixed assets - classification and valuation basic rules
6. Owners’ equities – basic categories, and application. Typical equities in joint-stock and limited companies. Provisions and reserves in accounting: creation, valuation and disclosure.
7. Liabilities and reserves - classification and valuation basic rules.