Accounting (FSI-H2U)

The main objective of the course is to familiarise students with the principles and ways of double entry bookkeeping for business units. It also focuses on the application of the knowledge in the field of economic operations.
The course provides students with the knowledge and skills in the field of double entry bookkeeping, i.e. knowledge of the topic and of methodical elements with respect to financial accounting, proceeding from individual accounting classes according to the accounting system for entrepreneurs. Students will also learn how to calculate simple accounting tasks applicable in common accounting routine and will understand mutual economic relations.

The course provides basic knowledge of and skills in double entry bookkeeping of business units. In the first part, the course deals with legal framework and basic terms, also discussed are the questions related to evaluation and fundamentals of financial management of assets and liabilities. The second part of the course gives an explanation for the most important issues such as long term assets, inventory, financial assets, shareholders capital, reserves, accounts payable, accounts receivable, costs and revenues and the influence of changes on the economic result. The third part the course deals with accounting statements, their forms, the way of their preparation, as well as their use for financial analysis.

Credit is awarded on completion of a control test, on the basis of tested students' skills in dealing with cases of typical accounting practice. The control test may receive a maximum of 40 points for the credit is needed to achieve at least 28 points.
Correction term is the only one in the credit week.

Expertise is verified by a written examination in which the student will receive four issues of a theoretical part, defined by lectures in the field of accounting. The student is awarded after answering the questions of classification according to the grading scale ECTS score, max 100 points.

Grading
Grade Number of points
A 100 – 90
B 89 – 80
C 79 – 70
D 69 – 60
E 59 – 50
F 49 – 0
The exam is given on the basis of one control test and a written test.
Control of education during the semester is based on the completion of one test. In the case of excused absence the teacher may in justified cases set a condition, usually elaboration replacement task.

Topics of lectures are the following:
- Legal regulation of accounting, the significance and meaning of accounting
- Fundamentals of double entry bookkeeping – accounting system, account and its requisites, inventory
- Balance sheet – structure, four fundamental changes of balance sheet
- Class 0 – characteristics, long term assets evaluation, ways of long term assets acquirement, accounting methods
- Long term assets depreciations, ways of discarding LTA, LTA inventory
- Class 1 – characteristics, inventory evaluation, methods of inventory accounts, and output inventory
- Class 2 – characteristics, accounting methods in groups No. 21, 22, 26 and 23
- Class 3 – characteristics, accounting methods in groups No. 31,32 and 33
- Class 3 – accounting methods in groups No. 34,35, 36 and 37
- Class 3 – accrual and deferral accounting methods
- Class 4 – characteristics, capital stock and capital funds accounting methods as well as accounting methods related to the reserve funds and retained earnings
- Class 5 and 6 – accounting methods
- Financial statement and final accounts, economic result and accounting methods, account sheets (balance sheet and profit and loss account).

The seminars will be focused on practising the lectured topics.

The seminars will be focused on practising the lectured topics.