Financial Accounting 2400-FiR2RAC

The seminar will be realized in two semesters in the form of joining the lecture (theoretical part, introduction) and the practice (the practical part, shows the practical use of the learnt principles of accountancy and the record of economic operations, team work consisting of joint problem-solving in 4-person groups and their edition in the sheet Excel spreadsheet). The way of leading of the class requires from the student an independent work, beyond class in the dimension of 3h every week, in order to prepare oneself to class and to realize the team work. The estimated, total number of hours, which the student should intend (taking under consideration the hours organized as part of class, the way of the credit is earned, the student independent work and team work) the defined for the object effects of learning in the amount of 150 hours.

The seminar is aimed to introduce the students to the principles of accountancy as the specific language of the business, they include the performance of the institutional plan of accounts, the methods of pricing, recording of economic operations, the principles of record of durable property (intangible assets, tangible fixed assets, long-term investments) and working capital (materials and goods, the products of work, cash and cash equivalents, public-legal settlements, settlements with recipient, workers), costs, revenues, liabilities (equity, liabilities, reserves) and the principle of preparing and recording of the list of payments and the accounts of business delegations, the calculation of the financial result in the comparative and spreadsheet variants, preparing financial statements.
in the winter semester the bases of accountancy and introduction to financial accountancy will be presented. The detailed plan of lectures and the subject matters of team work is as follows:
1. The system of accountancy - its functions
2. Principle of accountancy
3. The plan of accounts. Analytic and synthetic record
4. The balance method. Property and capital statements
5. The classification of assets and liabilities - the informative capacity of balance sheet
6. Principle of the current pricing of assets and liabilities
7. Equivalent operations and outcome
8. Revenues and cost, notion and classification
9. Account of costs – costs by function and costs by nature, account 490, the Accounts of generic costs
10. Financial result, the calculation of financial result in the income statement
11. The calculation of the cost of producing the ready product, production in course
12. The circle of costs, the change of the condition of products, differed accounts
13. Preparing profit and loss account based on costs by function and costs by nature
14. Maintaining accounting books
15. Financial reporting duties.
In the summer semester an advanced topics from financial accountancy will be presented to students. The detailed plan of lectures and the subject matter of team works:
1. Concepts and the principles of financial accountancy
Detailed problems of pricing, recording and reporting of fixed and current assets :
2. Cash and cash equivalents, cheques, bills, letters of credit - recording, pricing of economic operations in foreign currency
3. Tangible fixed assets - the amortization, appraising value, liquidation, sale
4. Intangible assets - identification, amortization, recording
5. Settlements with suppliers and recipients, public-legal settlements, based on the title of the VAT tax, income tax from natural persons and legal entities
6. Settlements with workers from the title of rewards and the costs of business trips
7. The inventory of materials, accounting for the purchase and final balances: deliveries in progress, deliveries invoiced, the purchase price, deviation from list prices
8. The inventory of goods, the sale price - the bill in hundred and from hundred, trade margin of profit
9. The inventory of ready products, accounting for the costs of the activity, list prices (the planned cost of production) and deviations from list prices as difference between the real and planned cost of production, production in progress
10. Long and short-term financial investments, amount due and financial obligation - pricing the correct purchase price
11. Financial and operating leases
12. Fixed assets under construction and investments in properties and intangible assets
13. Balance and reserves, reserve capital in equity
Accountancy and financial reporting - examples of recording of economic operations with preparing the opening and ending balances, income statements in the comparative and spreadsheet variants, the settlement of the basis of taxation and income tax current and postponed, the settlement of taxes with the Treasury Office from the title of the tax of VAT (value added tax).