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Lecturer(s)
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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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| unspecified |
| unspecified |
| Upon successful completion of this course, students will be able to: Understand and use basic accounting terminology of financial accounting and reporting in English. |
| Upon successful completion of this course, students will be able to: Understand and use basic accounting terminology of financial accounting and reporting in English. |
| Define the basic elements of financial statements: assets, liabilities, equity, cost, expenses, revenue, gains and losses. |
| Define the basic elements of financial statements: assets, liabilities, equity, cost, expenses, revenue, gains and losses. |
| Explain the application of the basic principles of accounting. |
| Explain the application of the basic principles of accounting. |
| Identify steps in the accounting cycle. |
| Identify steps in the accounting cycle. |
| Record transactions in journals, post to ledger accounts, and prepare a trial balance. |
| Record transactions in journals, post to ledger accounts, and prepare a trial balance. |
| Prepare balance sheet, income statement, statement of cash flow, statement of changes in owner´s equity. |
| Prepare balance sheet, income statement, statement of cash flow, statement of changes in owner´s equity. |
| Skills |
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| Record business events involving interest-bearing receivables and payables in a horizontal financial statements model |
| Record business events involving interest-bearing receivables and payables in a horizontal financial statements model |
| Prepare financial statements that include cash, accrual, and deferral events Complete the closing process in the accounting cycle |
| Prepare financial statements that include cash, accrual, and deferral events Complete the closing process in the accounting cycle |
| Záznam účetních událostí zahrnující pohledávky a závazky v horizontálním modelu účetních výkazů. |
| Záznam účetních událostí zahrnující pohledávky a závazky v horizontálním modelu účetních výkazů. |
| Sestavení účetní závěrky včetně akruálního účetnictví. Uzávěrka účetních událostí v rámci účetního období. |
| Sestavení účetní závěrky včetně akruálního účetnictví. Uzávěrka účetních událostí v rámci účetního období. |
| teaching methods |
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| Knowledge |
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| Practice exercises |
| Lecturing |
| Lecturing |
| Practice exercises |
| 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. 9th edition. New York: McGraw-Hill Irwin, 2015. ISBN 978-0078025907.
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HERMANSON R, H., EDWARDS, J. D. Financial Accounting a Business Perspective. 10th edition. New York: McGraw-Hill Irwin, 2013. ISBN 978-1930789791.
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Paseková, M. Accounting in English. Studijní text. Zlín: Univerzita Tomáše Bati, 2017.
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WILD, J. J. Financial Accounting. Information for Decisions. 8th edition. New York: McGraw-Hill Irwin, 2013. ISBN 978-1259533006.
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