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Principles of Accounting

2021/2022
Учебный год
ENG
Обучение ведется на английском языке
5
Кредиты
Статус:
Курс обязательный
Когда читается:
2-й курс, 1, 2 модуль

Преподаватели

Course Syllabus

Abstract

The core role of the course is to sensitize students to the international dimensions of financial accounting and reporting. The world in which they will pursue their professional careers is a world dominated by global business and investment decisions. As most of these decisions are premised on financial data, knowledge of financial accounting is crucial for achieving proper understanding of international business and financial communications. Accounting amounts may vary substantially according to the principles that govern them. Financial statements and other disclosures are impossible to understand without an awareness of the underlying accounting principles and business culture.
Learning Objectives

Learning Objectives

  • The aim of the course is to provide students with the basic theoretical knowledge and practical skills in financial and management accounting.
Expected Learning Outcomes

Expected Learning Outcomes

  • 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
Course Contents

Course Contents

  • Topic 1. Financial Accounting and the Format of Financial Statements
    1. 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 System
    1. Overview of accounting concepts 2. Nature of business transactions 3. Accounts 4. Transaction analysis and accounting entries
  • Topic 3. Operating Decisions and the Accounting System
    1. The operating cycle 2. Accrual accounting 3. Transaction Analysis Rules
  • Topic 4. The Accounting Cycle
    1. 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 Assets
    1. 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’ Equity
    1. 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 overview
    1. 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 allocation
    1. 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 costing
    1. 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 ABC
    1. 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 Tool
    1. 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 Accounting
    1. 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
Assessment Elements

Assessment Elements

  • non-blocking Test № 1
    A 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.
  • non-blocking In-class activities: module 1
    Questions and exercises; individual or in small groups; open book; in SmartLMS.
  • non-blocking Test № 2
    A 2-hour (80 min) open-book test: individual, in SmartLMS; consists of questions and tasks for the topics: 7, 8, 9, 10, 11, 12.
  • non-blocking In-class activities: module 2
    Questions and exercises; individual or in small groups; open book; SmartLMS.
  • non-blocking Business Case
    Individual, in-class, open book, SmartLMS
Interim Assessment

Interim Assessment

  • 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
Bibliography

Bibliography

Recommended Core Bibliography

  • 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

Recommended Additional Bibliography

  • 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