Terms for 2017
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Introduction to Accounting
The Aim of this course is to provide students with the basic knowledge of generally accepted accounting principles. In order to understand the various principles on which the accounting system is based, students will learn not only the theoretical background but especially the way to apply the rules in specific situations. The emphasis is laid both on the underlying logic of accounting system as well as the preparation and interpretation of individual financial statements (the balance sheet, income statement, statement of cash flow and statement of changes in owners' equity). The course is based mainly, though not exclusively, on Kieso, Weygandt and Warfield: Intermediate Accounting.
What are you going to learn
Introduction to Financial Accounting: Basic Principles, Assumptions, Terms and Processes - Understand the basic principles and assumptions and the way to record, journalise and post various business transactions.
Preparing Adjusting Entries and Completing the Accounting Cycle - Understand how to record adjusting and closing enteries, how to prepare the adjusted and closing trial balance and what all the individual steps of the accounting cycle are.
Financial Statements in Greater Depth - Understand the preparation of the Balance Sheet, Income Statement, Statement of Cash Flow and Statement of Retained Earnings in order to be able to interpret and analyze the Annual Report.
Accounting for Inventories, Cash and Receivables, and Liabilities - Understand the difference between merchandising and manufacturing companies, between perpetual and periodic system, between FIFO, LIFO and average costing, between notes payable and receivable, between direct write – off and allowance metod.
How the course is organized
Full time study
The course consist of 12 seminars and 12 lectures, each lasting 1,5 hours.
Part time study
The course is taught on weekends and consist of 3 blocks, each lasting 1,5 hours.
KIESO, W. E., WEYGANDT, T., WARFIELD, T. D.: Intermediate Accounting, Wiley, 2013.
DAUDERIS, H., ANNAND, D.: Introduction to Financial Accounting, Athabasca University, 2014.