Financial Accounting 2600-LFBRdz1RF
Lectures
1.Accounting as a measurement and valuation system in an entity, Management of current assets, their valuation according to the Accounting Act, valuation of assets according to International Financial Reporting Standards (IFRS) 2. Current assets and their division into "working" (net working capital) and "hedging" (liquid" assets). Principles of management and valuation of current assets in the balance sheet. The concept of investment, Financial and non-financial investments (their general characteristics). short-term investments in financial assets. 3. Cash assets: cash turnover; Cashless transactions and their forms - concepts, principles of documentation and valuation, basic accounting schemes. 4. Money market instruments (cash equivalents) - on the example of cheques and bills of exchange, concepts, principles of documentation and valuation, basic accounting schemes. 5. Short-term financial instruments: equity (shares) and debt securities (bonds) - concepts, principles of valuation and documentation, basic accounting schemes. 6. Settlements - basic categories: receivables, liabilities and claims. Civil law settlements (with contractors, employees) and public law settlements. Valuation and documentation rules, assignment schemes. 7. Property, plant and equipment (inventories) - basic categories and principles of valuation in accounting books. Purchase of inventory components - documentation, valuation (actual prices, fixed standard prices), assignment schemes. Inventory issue (consumption) - documentation, valuation (methods: LIFO, FIFO, average prices, fixed standard prices). 8. Non-current assets - basic categories and principles of their management. Valuation of assets at the time of acquisition. Replacement value, residual value, depreciation and amortization. Permanent impairment of non-current assets. Depreciation methods: natural and time-based (straight-line, decreasing balance degressive, SOYD). Accounting treatment (documentation, assignment schemes) of acquiring, consuming and disposing of non-current assets. 9. Intangible assets and intellectual assets – their concepts: characteristics, principles of balance sheet valuation, documentation and recognition in financial statements. 10. Fixed assets and fixed assets under construction - concepts, their characteristics, principles of valuation, documentation and recognition in financial statements. 11. Other components of liabilities, including: special funds, financial liabilities, accrued income and expenses (passive).
Exercise: •
Records of short-term investments: cash assets and short-term financial assets. Components of short-term investments and their differentiating elements. Principles of valuation of short-term investments. Examples of short-term investment records.
• Records of settlements – receivables and liabilities. Types of settlements and principles of valuation of receivables and liabilities. Examples of records of settlements with contractors, employees, public law and others.
• Property, plant and equipment (inventories). - Inventory of materials, goods, and products. Valuation principles – methods: FIFO, LIFO, AVCO and detailed identification. Balance sheet valuation. Analytical records and inventory. Examples of purchase and issue records of materials, goods, and products.
• Intangible assets. Basic categories, valuation principles and depreciation methods of intangible assets. Examples of records of acquisitions and changes in the value and status of intangible assets.
• Property, plant and equipment. Basic categories, valuation principles, and depreciation methods of fixed assets. Examples of records of acquisitions and changes in the status and value of property, plant and equipment.
• Accounting determination of the result on sales in various accounting variants
Type of course
Prerequisites (description)
Learning outcomes
Upon completion of the course, the student: K_W02 –Knows and understands accounting principles according to the AA K_W03 Knows and understands - - understands the categories of costs and revenues in terms of the problems discussed in class. K_W01, Knows and understands concepts related to the valuation of assets and liabilities K_W02, Knows and understands the principles of determining the financial result K_U02 Can compare national regulations in the scope discussed in class K_U02 Can determine the financial result in the basic scope K_U01- explain where the items of the balance sheet and profit and loss account related to the issues discussed in class come from (as a result of which business operations) K_U02 Can compare national regulations in the scope discussed in class K_U01 Can analyze business operations in the light of accounting principles and standards, K_K03- Can demonstrate the role and capabilities of accounting policy in creating a picture of the property and financial situation of an economic entity, K_U06- Can explain the functions and role of accounting in the processes of managing an economic entity.
Assessment criteria
Lecture: written exam (closed questions) – 100% This exam will be conducted in the classroom using an electronic platform, Exercises, written tests - 70%, ongoing testing of mastered skills (quizzes, group work) - 30%
Bibliography
Accounting Act
Author's materials in electronic form
E.Kalwasińska, D.Maciejowska, Rachunkowość i sprawozdawczość finansowa wg polskiego prawa bilansowego, Wydawnictwo Naukowe WZ Uw, Warszawa 2016 (dostęp: sde.wz.uw.edu.pl)
Additional information
Additional information (registration calendar, class conductors, localization and schedules of classes), might be available in the USOSweb system: