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Lecturer(s)
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Sklenár Roman, Ing. Ph.D.
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Paseková Marie, doc. Ing. Ph.D.
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Course content
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1 Elements of Financial Statements Forms of organization, Types of Activities Performed by Business Organizations, Role of Accounting in Society, Users of Accounting Information, Elements of Financial Statements, Accounting Equation, Recording Business Events under the Accounting Equation, Preparing Financial Statements 2 The Double-Entry Accounting System The Steps in Processing Transaction, Source Documents and their Purpose, The Account and it Use in Recording Transactions, Ledger and Chart of a Accounts, The T-Account, Debits and Credits, Double-Entry accounting, Debits and Credits for Revenues, Expenses and Dividends , Normal Accounts Balance, Journalizing and Posting Transactions, Journal Entry, Posting Journal Entries, Preparing Trial Balance 3 Accounting for Accruals Accrual Accounting, Adjustments for accrued items, Closing Process, Temporary and Permanent Accounts 4 Accounting for Deferrals Accrual Basis versus Cash Basis, Adjusting Accounts, Adjustments for Deferred Items, Supplies on hand, Prepaid Insurance, Depreciation, Unearned Revenue, The matching Concept, Distinguish gains and losses from revenues and expenses 5 Completing the Accounting Cycle Comparing the Cash and Accrual Bases of Accounting, Adjusting Entries, Closing Entries, Recording Changes in Assets, Liabilities and Stockholders? Equity, Asset Source transactions, Asset Exchange Transactions, Asset Use Transaction, Claims Exchange Transactions, Adjusting the Accounts, Transaction analysis, Financial Statements, Closing Entries, Post-Closing Trial Balance 6 Accounting for Merchandising business Inventory Costs and Product Costs, Allocation of Inventory Cost between Asset and Expense Accounts, Recording Inventory Transactions, Transportation Cost, Purchase Returns and Allowances, and Cash Discounts Related to Inventory Purchases, Recording Inventory Transactions, Horizontal Statements Model
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Learning activities and teaching methods
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Lecturing, Practice exercises
- Home preparation for classes
- 44 hours per semester
- Preparation for course credit
- 20 hours per semester
- Participation in classes
- 26 hours per semester
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| prerequisite |
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| Knowledge |
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| Basic knowledge of accounting. |
| Basic knowledge of accounting. |
| learning outcomes |
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| After passing this course students should be able to manage fundamental accounting principles and methods of basic accounting transactions. |
| After passing this course students should be able to manage fundamental accounting principles and methods of basic accounting transactions. |
| explain the content of the terms assets, debts, equity, expenses, revenues, profit or loss |
| explain the content of the terms assets, debts, equity, expenses, revenues, profit or loss |
| explain accounting principles |
| explain accounting principles |
| explain the principle of true and fair view |
| explain the principle of true and fair view |
| define methods of measurement of assets and liabilities |
| define methods of measurement of assets and liabilities |
| prepare financial statements |
| prepare financial statements |
| unspecified |
| unspecified |
| Skills |
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| define long-term and short-term assets and their components |
| define long-term and short-term assets and their components |
| analyze accounting operations |
| analyze accounting operations |
| explain the stucture of expenses and revenues in relation to determining the economic result |
| explain the stucture of expenses and revenues in relation to determining the economic result |
| explain the accounting of expenses and revenues and their effect on financial statements |
| explain the accounting of expenses and revenues and their effect on financial statements |
| prepare financial closing and financial statements |
| prepare financial closing and financial statements |
| teaching methods |
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| Knowledge |
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| Practice exercises |
| Practice exercises |
| Lecturing |
| Lecturing |
| assessment methods |
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| Written examination |
| Written examination |
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Recommended literature
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EDMOMDS, T., McNAIR, F, EDWARD, E., EDMONDS, C. Fundamental Financial Accounting Concepts. New York: McGraw-Hill Irwin, 2000. ISBN 0-070116945-8.
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HERMANSON R, H., EDWARDS, J. D. Financial Accounting a Business Perspective. New York: McGraw-Hill Irwin, 2002. ISBN 0-256-24738-2.
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Larsen, E. John. Modern advanced accounting. 10th ed. New York, NY : McGraw-Hill/Irwin, 2006. ISBN 0-07-292255-9.
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Paseková, M. Accounting in English. Studijní text. Zlín, UTB., 2011.
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Wild, John J. Financial accounting : information for decisions. 4th ed. Boston : McGraw-Hill, 2008. ISBN 0-07-304375-3.
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