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Regular version of the site

Principles of Accounting

Academic Year
Instruction in English
ECTS credits
Course type:
Compulsory course
2 year, 1, 2 module


Course Syllabus


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

  • Demonstrate an innovative, open, and ethical mindset
  • Have an idea about the place and the role of accounting in the system of management of the economic entity
  • Have basic practical skills in financial and management accounting and interpreting information
  • 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
  • Use analytical skills and apply them to solve practical problems
Course Contents

Course Contents

  • Topic 1. Financial Accounting and the Format of Financial Statements
  • Topic 2. Investing and Financing Decisions and the Accounting System
  • Topic 3. Operating Decisions and the Accounting System
  • Topic 4. The Accounting Cycle
  • Topic 5. Current and Non-current Assets
  • Topic 6. Current Liabilities and Owners’ Equity
  • Topic 7. Management Accounting: an overview
  • Topic 8. Cost concepts and costs allocation
  • Topic 9. Job-Order Costing and Process costing
  • Topic 10. Direct costing, Full costing and ABC
  • Topic 11. Normative costing and Budgeting as an Organizational Control Tool
  • Topic 12. Strategic Management Accounting
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

  • 2021/2022 2nd module
    0.2 * Business Case + 0.2 * In-class activities: module 1 + 0.2 * Test № 2 + 0.2 * Test № 1 + 0.2 * In-class activities: module 2


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., 2016
  • Financial accounting, Libby, R., 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