Accounting basics 2100-SPP-L-D6ACBA
The seminar is aimed to introduce students to the principles of accountancy (including bookkeeping) as the specific language of business that includes the performance of company’s chart of accounts, recording of economic operations, principles of recording long-term assets (intangible assets, tangible fixed assets, long-term investments) and short-term assets (materials, traded goods and products, cash and cash equivalents, accounts receivable, settlements with employees), costs, revenues, liabilities (equity, liabilities, reserves/provisions) and calculation of financial result in costs by nature and costs by function approaches as well as preparing financial statements (balance sheet, income statement).
During the semester, the basics of book-keeping and accountancy will be presented. The detailed plan of lectures is as follows:
1. Basic terms, financial statements
2. Introduction to accounting principles.
3. The accounting system - its functions.
4. The accounting equation and statement of financial position.
5. Balance sheet. The classification of assets and liabilities.
6. Income statement. Revenues and expenses.
7. Fundamentals of book-keeping. The double entry system for assets, liabilities and capital.
8. The double entry system for expenses and revenues.
9. Inventory valuation. Periodic and perpetual inventory flow methods, FIFO, LIFO, average cost.
10. Review
Mode
Course coordinators
Learning outcomes
After completion of the seminar the student will:
KNOWLEDGE
1. understand the principles of accountancy.
2. know how to prepare balance sheet, income statement.
3. recognize and understand positions in financial statements (balance sheet and income statement).
SKILLS
1. explain categories on financial statements.
2. account (as a consequence of economic operations) and record typical economic operations.
3. prepare the opening and closing balance sheet and income statement in costs by nature / by function approaches.
4. calculate financial result.
5. recognize the connection among categories in balance and income statement.
ATTITUDE
1. analyze economic categories in the light of principles and the standards of accountancy.
2. understand the role of accountant and accounting policies in creating the financial strategy of an enterprise.
Assessment criteria
Obligatory presence. One unexcused absence per semester is accepted. More than one unexcused absence will require additional problems to be completed. Assessment in the summer semester is based on (1) 70% on written final test composed of open problems, (2) 30% on three assignments consisting of tasks related to topics discussed during classes, Students must receive 50% from final test and overall, 50% from the course to pass.
AI usage -- Level 1: No AI
The assessment is completed entirely without Al assistance. This level ensures that students rely solely on their knowledge, understanding, and skills.
AI must not be used at any point during the assessment.
Bibliography
The obligatory literature:
- Materials posted on elearning platform and prepared by lecturers
- "Book-Keeping and Accounts" (2013) 8th Edition by Frank Wood, Sheila Robinson,
- "Financial Accounting: Global Edition International Financial Reporting Standards" (2013)
9th Edition by Walter Harrison, Charles Horngren, Bill Thomas, Themin Suwardy
- Ewa Śniżek, Ewa Walińska, Maciej Frendzel, Joanna Stępień-Andrzejewska, Financial Accounting, Centrum Controllingu i Analiz Ekonomicznych Sp. z o. o., Łódż 2007.
Additional information
Additional information (registration calendar, class conductors, localization and schedules of classes), might be available in the USOSweb system: