Accounting and Taxes
FP-BATEAcad. year: 2020/2021
The subject deals with the fundamentals of the Czech accounting legal regulation and with the tax system of the Czech Republic. As to the Czech tax system, the attention is focused primarily on the direct taxes; students will become acquainted also with the basic principles and rules of the procedural aspects of tax administration.
Learning outcomes of the course unit
Students will become acquainted with fundamental aspects of accounting legal regulation, annual financial statements and fundamentals of material tax law in the Czech Republic. Students will master basic terminology and skills necessary for understanding common accounting and tax issues, as well as the knowledge for the solution of simpler accounting and tax tasks.
Elementary knowledge in corporate economy and law.
Recommended optional programme components
Recommended or required reading
STÁROVÁ, Marta. Accounting theory: lectures and seminars. Praha: Česká zemědělská univerzita, Provozně ekonomická fakulta, 2017. ISBN 978-80-213-2745-0.
Web pages of the Czech Financial Administration (available at: http://www.financnisprava.cz/en/).
STÁROVÁ, Marta. Accounting theory - with practical applications. Praha: Česká zemědělská univerzita, Provozně ekonomická fakulta, 2015. ISBN 978-80-213-2588-3.
RADVAN, Michal. Czech tax law. 3rd ed. Brno: Masaryk University, 2010, 65 s. ISBN 978-80-210-5269-7.
Material law (particular tax acts) governing the taxes included in the Czech tax system (above all the Act No. 586/1992 Coll., on Income Taxes, as amended).
Act No. 561/1993 Coll., on Accounting, as amended.
Planned learning activities and teaching methods
During the lectures, the students become acquainted with the starting points and relevant legal regulation.
During the seminars, the students present the results of the assigned tasks (assigned regularly in the previous week).
Assesment methods and criteria linked to learning outcomes
PASSING THE COURSE
1. Active participation in seminars; presentations of the tasks assigned in previous week.
2. Passing credit tests during the course of the semestr (max. 30 points; at least 50 % of the total number of points from each test shall be reached to pass the credit test; the credit tests are focused on short model examples).
The exam is focused on verifying the knowledge gained. The exam takes the form of a test - 30 questions with the offer of 3 possible answers (only one answer is correct). Min. 50 % of the total possible points is a condition to successfully pass the exam. The test takes 30 minutes.
Scoring the answers in the exam test:
- correct answer: + 1 point
- not answered: 0 points
- wrong answer: - 1 point
The examination is classified according to ECTS. The final classification of the subject is influenced by the work during the semester (see below).
Share in the final evaluation:
- Credit tests (50%);
- Exam test (50%).
PASSING THE COURSE BY STUDENTS WITH APPROVED INDIVIDUAL STUDY PLAN
Credit (examples): a summary test aimed at solution of shorter model exmaples - four parts (at least 50 % from each part shall be obtained to pass the test succesfully).
Exam: on conditions as stated above.
Language of instruction
1. Accounting in the Czech Republic – legal regulation, principles, accounting as a background for decision-making
2. Accounting in the Czech Republic – classification of Czech accounting entities, Czech annual financial statements
3. Accounting in the Czech Republic – selected fundamental economic transactions and their impact on the trading result, setting the trading result, penalties for incorrect bookkeeping
4. Tax system of the Czech Republic – definition, determinants, tax system of the Czech Republic, taxes in the organizational lifecycle of business entity
5. Tax system of the Czech Republic – procedural legal regulation, duties to register
6. Personal Income Tax – subject, exemptions, partial tax bases
7. Personal Income Tax – means of tax optimization, calculation of tax liability, duties related to personal income tax, tax return, duties of the business entity in the position of the employer
8. Road Tax – elements of the tax, tax return, duties related to road tax
9. Corporate Income Tax – tax-payers, subject, exemptions, calculation of the tax base
10. Corporate Income Tax – tax rate, possibilities of tax optimization, tax return
11. Tax on Immovable Property and Tax on Acquisition of Immovable Property – elements of these taxes, tax return, fundamental duties related to these taxes
12. Value Added Tax – principles of the VAT, pros and cons of being a VAT payer, duties related to VAT
13. Case study – taxes in the organizational lifecycle of a business entity
The aim of the course is to get students acquainted with the fundamental principles of the Czech accounting, Czech annual financial statements and taxes included in the tax system of the Czech Republic. The subject follows the idea to provide students with the knowledge in accounting and tax issues related to the performance of business activities.
Specification of controlled education, way of implementation and compensation for absences
Participation both in lectures and seminars is compulsory and will be checked. Active participation in the seminars is required.