Accounting

• 26 hrs lectures
• 26 hrs exercises

Students will be able understand the basic principles of accounting and interconnection in accounting operations and in financial statements. Students will gain the skills of identification of accounting operations and their influence on the items of financial statements, and skills of preparation of financial statements.

The objective of the subject is to explain to students in the basic principles of accounting and in the primary interconnections in financial statements that are the key to an understanding of any accounting system.

Basic general knowledge of business economics.

Contents of the lectures
1. Main principles and methodology of accounting, legislation and annual financial statements in the Czech Republic
2. Balance sheet, 4 main balance sheet changes
3. Cost and revenues, profit and loss, P/L statement
4. Fundamental rules of bookkeeping, methodological instruments.
5. Basic double-entry procedures of current assets (financial accounts and inventory)
6. Basic double-entry procedures of accounts receivables and payables
7. Basic double-entry procedures of fixed assets
8. Basic double-entry procedures of equity and long-term liabilities
9. Overview of costs and revenues, closing procedures of accounts
10. Annual financial statements, their publication and audit
11. History of accounting, information technology in bookkeeping
12. Regulation of accounting, national and international reporting systems
13. Harmonization of accounting across the world, IFRS

Content of the course
1. Organizational matters, overview of the content of the subject
2. Balance sheet, balance principle, 4 main balance sheet changes
3. Costs and revenues, profit and loss, P/L statement
4. Fundamentals of bookkeeping, account, ledgeres and other
methodological instruments.
5. Basic bookkeeping procecedures for financial accounts
6. Basic bookkeeping procecedures for receivables and short-term payables
7. Basic bookkeeping procecedures for stock of materials and goods
8. Basic bookkeeping procecedures for fixed assets
9. Basic bookkeeping procecedures for equity, long-term sources
10. Overview of bookkeeping of costs and revenues, closing date
11. Preparation of financial statements
12. Written test (for credit)
13. Discussion of test results, consultacion of problems

Credit:
Credit written test (at the end of the semester, usually in 12th week). Pass mark is 50 %.
Examination:
Written test with closed questions. Pass mark is 50 %.
The credit will have a 40 % weighting in the overall course mark while the examination will account for 60 %.

The course contain one two-hour lecture per week that explains the basic principles, problems and methodology of the discipline. A two-hour seminar per week promoting practical applications of the material presented in the lectures.

Student´s participation on seminar is monitored.

Communication with the teacher takes place mainly during the consultation hours, through a meeting in MS Teams, using e-mail.