Accounting part I 2400-FIM1RACI
The class requires from the students an independent work, beyond class in the dimension of 3h every week, in order to prepare for class and do homework.
The seminar is aimed to introduce students to the principles of accountancy as the specific language of business that includes the performance of institutional 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 the 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
Rodzaj przedmiotu
Koordynatorzy przedmiotu
Efekty kształcenia
After completion of the seminar the student will:
KNOWLEDGE
1. understanding of the principles of accountancy
2. arrangement of balance sheet, income statement
3. recognition and understanding of what is included in individual positions of financial statements
SKILLS
1. explaining positions on financial statements
2. accounting for (as a consequence of economic operations) and recording typical economic operations
3. preparing the opening and closing balance sheet and income statement in comparative and calculative approaches
4. calculating financial result
5. recognizing connection among positions of balance and income statement
ATTITUDE
1. analysing economic operations in the light of principles and the standards of accountancy
2. understanding the role of accountant and accounting policies in creating the financial strategy of an enterprise
Kryteria oceniania
The 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) 65% on written final test composed of open problems, (2) 20% on four assignments consisting of tasks related to topics discussed during classes, and (3) 15% participation, including solving short quizzes before classes (8 online quizzes which must be completed with a positive result (all correct answers) at least 24 hours before class to get point, and 7 points for an active class participation). Students must receive 50% from final test and overall, 50% from the course to pass. Due epidemic or other reasons the final assessment may be held online.
Literatura
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
The supplementary literature:
- Ewa Śniżek, Ewa Walińska, Maciej Frendzel, Joanna Stępień-Andrzejewska, Financial Accounting, Centrum Controllingu i Analiz Ekonomicznych Sp. z o. o., Łódż 2007.
Więcej informacji
Dodatkowe informacje (np. o kalendarzu rejestracji, prowadzących zajęcia, lokalizacji i terminach zajęć) mogą być dostępne w serwisie USOSweb: