XATAE Taxes and Accounting of Small and Medium-sized Enterprises

Moravian Business College Olomouc
winter 2020
Extent and Intensity
2/1/0. 4 credit(s). Type of Completion: z (credit).
Teacher(s)
Ing. Michal Menšík, Ph.D. (lecturer)
Judit Sági, Ph.D. (lecturer)
doc. Ing. Eva Sikorová, CSc. (lecturer)
Ing. Michal Menšík, Ph.D. (seminar tutor)
doc. Ing. Eva Sikorová, CSc. (seminar tutor)
Guaranteed by
Ing. Michal Menšík, Ph.D.
Moravian Business College Olomouc
Course Enrolment Limitations
The course is only offered to the students of the study fields the course is directly associated with.
Course objectives
In the course, the students will learn how to analyze and implement the right method and system of bookkeeping with a specific focus on the tax aspects related to small and medium-sized enterprises. The emphasis will be put on the applicable legislation so that the bookkeeping provides evidential accounting information about the amount of assets and liabilities, own and foreign sources of funding. Furthermore, the course determines all information and documents needed for closing financial statements, including the calculation of tax liabilities related to business activities of an entrepreneur (a business unit). The course also pays attention to the specifics of accounting and tax aspects related to small and medium-sized enterprises. The aim of the course is also to acquaint the students with selected accounting IT systems most commonly used by businesses. The course will be based on various case studies and practical examples dealing with the issues related to starting a business to closing financial statements and processing all necessary documents and reports. The course will also introduce the students with a comprehensive view of the tax system of the Czech Republic. The emphasis is placed not only on theoretical knowledge, but in particular on the practical application of acquired knowledge both in the field of direct and indirect taxation. An integral part is the assessment of alternatives for the future development of the tax system and its individual segments.
Syllabus
  • 1. Czech regulatory framework of the accounting system and its relationship to the tax system, the general principles of the bookkeeping view of direct and indirect taxes in businesses
    2. Accounting legislation, tax legislation related to business activities in the Czech Republic, the principle and the methodology of accrual-based bookkeeping, the evaluation of bookkeeping of an individual entrepreneurs based on monetary and accrual basis
    3. Entrepreneur's obligations related to the start of business activities (bookkeeping, tax and other legislative aspects of entrepreneurship), the specifics of accounting at the start and termination of business activities (relation to the professional accounting organizations and institutions, tax office, tax registration, e-sales, VAT control statement, state social support, health insurance)
    4. Sale and deposit of business - book view, the emergence of goodwill, different tax implications of both transactions, deferred tax, tax related to mergers and their book display
    5. Comparison of the accounting system of small and medium-sized enterprises, comparison of their taxation from the perspective of the theory, methodology and scientific approaches, comparison of the matches and differences of tax record keeping and accounting of businesses with foreign accounting and tax transactions, examples of accounting practice in micro-, small and medium-sized enterprises), family businesses
    6. Aspects of bookkeeping and taxation associated with the determination of the content and form of tax records in relation to foreign transactions, tax records of income and expenditure, tax records of receivables and payables, closure of tax records at the end of the reporting period
    7. Fixed assets and their view in accounting and tax records, including relations to depreciation and tax aspects in various areas of business activities, advanced transactions in the inventory and their view in accounting and tax records of businesses
    8. Advanced transactions of remuneration and their accounting view, including the impact on social and health insurance contributions, wages and tax records
    9. Criteria for choosing an accounting software (custom criteria, system criteria, business criteria), custom software, analysis and comparison of economic information systems)
    10. Analysis and processing tax returns for the personal income tax; analysis, theoretical and methodological processing tax returns for the corporate income tax
    11. Changes to accounting systems and their bookkeeping and tax implications; the specifics of termination or interruption of business activities; the analysis of the transition from tax records to accounting; the analysis of the transition from accounting to tax records, accounting and tax implications
    12. Analysis of accounting (financial) statements and their informative character, subsidies, donations, tax aspects, related party transactions, their accounting view and tax implications
    The course is based on the information-receptive method, reproductive method and the method of problem interpretation. The complex methods used include project-based learning through complex problem tasks, practical examples and case studies. The case and simulation methods and mentoring are also used. Within the course, software tools for accounting and tax records are being applied.
Literature
    required literature
  • ROMNEY, M. B. and P. J. STEINBART. Accounting information systems. 14th ed. Pearson Education Limited, 2017. ISBN 9780135009376. info
  • SIMKIN, M.G.. J.L. WORRELL. and A. A. SAVAGE. Core Concepts of Accounting Information Systems. 14th ed. Wiley, 2017. ISBN 978-1119441465. info
  • MLÁDEK, R. IFRS and US GAAP: Accounting Policies and Procedures. Praha: Leges, 2017. ISBN 978-80-7502-194-6. info
  • SIKOROVÁ, E., L. MEIXNEROVÁ, P. NOVÁK and M. MENŠÍK. Business, financial, accounting and legislative aspects of the development of small and medium-sized enterprises in the Czech Republic. In: Proceedings of the 17th International Scientific Conference "Finance and Risk". Bratislava, 2015. ISBN 978-80-225-4218-0. info
  • INTERNATIONAL ACCOUNTING STANDARDS BOARD. IFRS for SMEs. London: International Accounting Standards Board, 2015. ISBN 978-1-911040-07-1. info
  • SAXUNOVÁ, D. Financial statements under the US GAAP and IFRS : Theory, concepts, problems of financial accounting. 1. vyd. Praha: Wolters Kluwer, 2014. ISBN 978-80-7478-646-4. info
  • PASEKOVÁ, M. et al. Positioning of Czech Accountants towards IFRS Implementation. WSEAS Transactions on Business and Economics. 2014. info
  • PETERSON, D., P. and Frank J. FABOZZI. Analysis of Financial Statements. 3rd ed. Hoboken: John Wiley & Sons, 2012. ISBN 978-1-118-29998-2. info
    recommended literature
  • MEIXNEROVÁ, L. and E. SIKOROVÁ. Basic characteristics of Czech business entities in the context of national and international accounting. Journal of International Studies. 2017. info
  • SIKOROVÁ, E., M. MĚŘVOVÁ and J. NOVOTNÝ. Profit analysis comparison in business and profit organizations in terms of accounting, finance, tax. In: Przegląd Nauk Stosowanych. Opole. Politechnika Opolska, 2016. info
  • BELÁS, J., J. MACHÁČEK, P. BARTOŠ, R. HLAWICZKA and M. HUDÁKOVÁ. Business Risks and the Level of Entrepreneurial Optimism among SME in the Czech and Slovak Republic. Journal of Competitiveness. 2014. info
  • LEIWY, D. and R. PERKS. Accounting: Understanding and Practice. 4th ed. London: McGraw-Hill Education, 2013. ISBN 978-00-771-3913-5. info
Language of instruction
English
Further comments (probably available only in Czech)
The course can also be completed outside the examination period.
  • Enrolment Statistics (recent)
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