Principles of Accounting
- The aim of the course is to provide students with the basic theoretical knowledge and practical skills in financial and management accounting.
- Have an idea about the place and the role of accounting in the system of management of the economic entity
- Understand the conceptual framework of accounting and the purpose, structure and content of the financial and management reports
- Understand the essence of accounting terms and to use them properly
- Have basic practical skills in financial and management accounting and interpreting information
- Use analytical skills and apply them to solve practical problems
- Demonstrate an innovative, open, and ethical mindset
- Topic 1. Financial Accounting and the Format of Financial Statements1. The accounting system 2. The Balance Sheet 3. The Income Statement 4. Statement of Stockholders’ Equity 5. Statement of Cash Flows 6. Relationships among statements 7. Responsibilities for the accounting communication process
- Topic 2. Investing and Financing Decisions and the Accounting System1. Overview of accounting concepts 2. Nature of business transactions 3. Accounts 4. Transaction analysis and accounting entries
- Topic 3. Operating Decisions and the Accounting System1. The operating cycle 2. Accrual accounting 3. Transaction Analysis Rules
- Topic 4. The Accounting Cycle1. Accounting cycle 2. Purpose and types of adjustments 3. Adjustment process 4. Preparing financial statements 5. End of accounting cycle
- Topic 5. Current and Non-current Assets1. Measuring and reporting Receivables 2. Nature of Inventory and costing methods 3. Acquisition, maintenance, use, and disposal of PPE
- Topic 6. Current Liabilities and Owners’ Equity1. Liabilities defined and classified 2. Current liabilities 3. Ownership of a corporation 4. Common stock transactions 5. Dividends on common stock
- Topic 7. Management Accounting: an overview1. Functions of Management Accounting 2. Management Accounting: Planning, Controlling and Decision Making 3. Key Developments in the Past 50 Years
- Topic 8. Cost concepts and costs allocation1. Cost accounting and Cost classifications 2. Assigning Costs to Cost Objects 3. Cost behavior and Cost-Volume Profit analysis, Break-Even Analysis 4. The Contribution Income Statement
- Topic 9. Job-Order Costing and Process costing1. Job-order costing cost flow 2. The Predetermined overhead rate and the choice of an allocation base for overhead cost 3. Calculating total cost of job
- Topic 10. Direct costing, Full costing and ABC1. Activity–based costing (ABC) principles 2. Product and customer margin calculations 3. Differences between full costing and ABC
- Topic 11. Normative costing and Budgeting as an Organizational Control Tool1. Defining budgeting and budgeting system 2. Budget approaches and relationships between different levels of budgets 3. The budgeted balance sheet 4. The budgeted income statement
- Topic 12. Strategic Management Accounting1. The Strategic management accounting technique 2. Variance analysis cycle 3. Static and flexible budgets, control ratios 4. Cost-based and value-based pricing strategies 5. Accounting information as a basis for the decision-making under risk 6. The basis of unit economics
- Test № 1A 2-hour (80 min) open-book test: individual, in SmartLMS; consists of 40 questions and tasks for the topics: 1, 2, 3, 4, 5, 6. Each question in the test = 1 point.
- In-class activities: module 1Questions and exercises; individual or in small groups; open book; in SmartLMS.
- Test № 2A 2-hour (80 min) open-book test: individual, in SmartLMS; consists of questions and tasks for the topics: 7, 8, 9, 10, 11, 12.
- In-class activities: module 2Questions and exercises; individual or in small groups; open book; SmartLMS.
- Business CaseIndividual, in-class, open book, SmartLMS
- Interim assessment (2 module)0.2 * Business Case + 0.2 * In-class activities: module 1 + 0.2 * In-class activities: module 2 + 0.2 * Test № 1 + 0.2 * Test № 2
- Atkinson, A. A., & Mukherjee, A. K. (2012). Management Accounting:Information for Decision-Making and Strategy Execution (Vol. 6th ed., International ed. international edition contributions by Abhik Kr. Mukherjee). Boston [Mass.]: Pearson Education. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1418004
- Financial accounting, Libby, R., Libby, P.A., 2016
- Financial accounting, Libby, R., Libby, P.A., 2020
- BPP Learning Media. (2017). Foundations in Accountancy : F3/FFA Financial Accounting: Interactive Text: for Exams From 1 September 2017 to 31 August 2018 (Vol. Sixth edition). London: BPP Learning Media. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=nlebk&AN=1522342
- Collis, J. (2015). Management Accounting. [N.p.]: Palgrave Macmillan. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1525045
- Weygandt, J. J., Kieso, D. E., & Kimmel, P. D. (2017). Financial Accounting (Vol. Tenth edition). Hoboken, NJ: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1639274