XAFA1 Financial Accounting 1

Moravian Business College Olomouc
winter 2023

The course is not taught in winter 2023

Extent and Intensity
2/2/0. 5 credit(s). Type of Completion: zk (examination).
Teacher(s)
Ing. Michal Menšík, Ph.D. (lecturer)
Ing. Michal Menšík, Ph.D. (seminar tutor)
Guaranteed by
Ing. Michal Menšík, Ph.D.
Moravian Business College Olomouc
Supplier department: Moravian Business College Olomouc
Course Enrolment Limitations
The course is offered to students of any study field.
Course objectives
After completing the course Financial Accounting 1, the students are able to understand accounting information in the basic form of financial statements (balance sheet, profit and loss statement, cash flow statement, statement of changes in equity, notes). They understand the way accounting information is created, on what assumptions, principles methodological elements it is based as well as what the advantages and disadvantages of accounting information are. Students are also able to apply the knowledge on basic decision-making tasks or performance evaluation. They understand the links between financial statements (balance sheet, profit and loss statement, cash flow statement, statement of changes in equity) and are aware of the information needs of accounting information users. The course introduces students to the basic decision-making tasks of accounting information users, it also presents them the Generally Accepted Accounting Principles (GAAP) and familiarises them with the accounting system and basic methodological elements in accounting. The students also gain the knowledge as well as user competence in the relation with balance sheet – cash flow – statement of changes in equity.
Syllabus
  • 1. Users and their decision-making tasks, historical context of accounting.
  • 2. Basic elements of balance sheet, balance-sheet-based accounting.
  • 3. Basic elements of the profit and loss statement, its link to balance sheet.
  • 4. Modelling of business activity in accounting (a company, services, production).
  • 5. Cash Flow.
  • 6. Basic methodological elements of accounting (double-entry system, valuation, stocktaking).
  • 7. End of the period accounting procedures.
  • 8. Financial statements.
  • 9. Statement of changes in equity.
  • 10. Consolidation and consolidated statements.
  • 11. Generally Accepted Accounting Principles (GAAP).
  • 12. Frequent types of accounting frauds, analysis of accounting data.
Literature
    required literature
  • DAUDERIS, H. and D. ANNAND. Introduction to Financial Accounting. Athabasca University, 2019, 823 pp. URL info
  • JONES, M. Accounting. 2nd ed. John Wiley and sons, 2014, 522 pp. ISBN 978-1-119-97715-5. info
  • THE CORPORATE FINANCE INSTITUTE. Accounting. CFI Education Inc., 2015, 66 pp. URL info
    recommended literature
  • HOYLE, J. B. and C. J. SKENDER. Financial Accounting. Flat World, 2009, 458 pp. ISBN 978-1-936126-08-8. URL info
Assessment methods
Course credit: attendance at seminars (min. 80%), seminar tests (min. 65%), credit test. Examination: written examination.
Language of instruction
English
Further Comments
The course is taught annually.
The course is taught: every week.
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