English

4

Not applicable.

Students acquire theoretical knowledge of issues in balance sheets and results, and should know the rules for the accounting treatment of these transactions in accordance with Czech legislation. Students gain the skills needed for accounting operations connected with the existence of all forms of property in the enterprise, its sources of financing, cost and revenue processes. They acquire skills in the specific accounting operations that provide a true and fair picture of the enterprise. They also practice producing financial statements.
After completing the course students are able to carry out routine accounting operations in a company, propose solutions for specific accounting operations and produce financial statements.

Basic highschool knowledge of math and business economics.

Not applicable.

Teaching is carried out through lectures and seminars. Lectures consist of interpretations of basic principles, methodology of given discipline, problems and their exemplary solutions. Seminars particularly support practical mastery of subject matter presented in lectures or assigned for individual study with the active participation of students.

Evaluation of results and presentation of team semestral work (40 %)
Individual written test at the end of the semester (60 %)
Sum of the points will be the base for final marking (ECTS label for BTU).

Contents of the subject:
A) Introduction to Financial Accounting for Enterprenaeurs. Functions of accounting, characteristic features and legal aspects of accounting. General accounting principles. Assets and liabilities, their structure and definition, assets and liabilities classes, their mutual relations. Balance sheet system, impact of economic transactions on balance sheet. Costs and revenues of accounting unit as part of profit and loss statement.
B) Accounting cycle. Methodical parts of accounting, chart of accounts, accounting documents, books and control system. Financial accounts, their structure and importance, cash, cash in transit, bank accounts. Inventory, its definition and inventory valuation method. Classification of long-term assets, basic procedures of of assets acquisition. Procedures of accounting of receivables and liabilities of accounting unit (from business relations, to employees and to shareholders). Basic accounting techniques of costs and revenue. Equity and borrowed capital of accounting unit.
C) Other key elements of financial statements – Statements of Cash Flows, Statement of Changes in Equity. Commentary and annual reports. Harmonization of accounting across the world.

Not applicable.

The main goal of the course is to provide students with basic knowledge for understanding and explaining information of the financial statements and for preparing simple statements for SMEs.

Participation of students is monitored, and in the case of unexcused absence the student must proceed according to the instructions of the teacher.

Not applicable.

Not applicable.

LERNER, J. M. Bookkeeping and Accounting. Crash course. Schaumś easy outlines. (EN)
MALBURG, C. R. Accounting for the New Business. Adams Media Corporation Avon, Massachutsetts. ISBN: 1-55850-759-0 (EN)
Act No. 563/1991 Coll. on Accountancy (EN)

FLOOD, Joanne M. Wiley GAAP 2013: Interpretation and application of generally accepted accounting principles. 4 ed. Hoboken, N.J.: Wiley, c2013, xvii, 1321 s. ISBN 978-111-8277-256. (EN)
Accounting standards codification. (2014). Norwalk: Financial Acctg Standards. (EN)
Hans B. Christensen, Edward Lee, Martin Walker & Cheng Zeng (2015) Incentives or Standards: What Determines Accounting Quality Changes around IFRS Adoption?, European Accounting Review, 24:1, 31-61, DOI: 10.1080/09638180.2015.1009144 (EN)

26 hours, compulsory

1. Introduction to Financial Accounting for Enterprenaurs. Functions of accounting, characteristic features and legal aspects of accounting. General accounting principles.
2. Assets and liabilities, their structure and definition, assets and liabilities classes, their mutual relations. Balance sheet system, the impact of economic transactions on the balance sheet.
3. Costs and revenues of the accounting unit as part of profit and loss statement.
4. Accounting cycle. Methodical parts of accounting, chart of accounts, accounting documents, books and control system. Financial accounts, their structure and importance, cash, cash in transit, bank accounts.
5. Inventory, its definition and inventory valuation method. Inventory function and basic accounting operations.
6. Classification of long-term assets, basic procedures of assets acquisition, methods of depreciation.
7. Procedures of accounting of receivables and liabilities of the accounting unit (to employees and to shareholders).
8. Basic accounting techniques of costs and revenue. Equity and borrowed capital of accounting unit.
9. Other key elements of financial statements – Statements of Cash Flows, Statement of Changes in Equity. Commentary and annual reports.
10. Harmonization of accounting in the world. IFRS and US GAAP.
11. Presentation of team works.
12. Individual written test. Presentation of team works.
13.The conclusion of the results, summary and feedback.