Accounting

• 26 hrs lectures
• 26 hrs exercises

Students will 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. Basic terms and concepts of accounting, legislation and annual financial statements in the Czech Republic
2. Balance sheet, for main balance sheet changes.
3. Cost and revenues, profit and loss, 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 making public 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

Contents of the seminars:
1. Organizational matters, studying introduction
2. Balance sheet balance principle - 4 balance sheet changes
3. Costs and revenues, profit and loss account and statement
4. Fundamentals of bookkeeping - accounting (bookkeeping) documents
5. Methodological instruments - accounts, accounting ledgers etc.
6. Clearing relations for current assets (financial accounts and inventory)
7. Clearing relations for receivables and payables
8. Clearing relations for fixed assets
9. Basic accounting procedures for equity and long-term liabilities.
10. Overview of costs and revenues, closing procedures of accounts.
11. Annual financial statements, commentary
12. Written test
13. Discussion of the test results, tutorial

Credit:
Credit written test (at the end of the semester). Pass mark 50 %.
Examination:
Written test with closed questions. Pass mark 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 is focused on practical handling and applications of the topics presented in the lectures.

Student´s participation on seminar is monitored.