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Accounting and Investments

Course developer

Replaced course

EkonB009 [GEKOB009] Accounting and Investments

Course abstract

Students learn accounting, company financial accounting double entry system and tax, introduced to basic accounting principles, the company's products and their sources, tracking objects, assets evaluation methods, as well as revenue and expenses reflected in the simple entry system. Students acquire an in-depth understanding of agriculture and rural development accessible to the national and EU aid modalities and funding conditions Latvian, and practically acquainted with the investment support measures.

Learning outcomes and their assessment

1) Knows and understands accounting and tax calculation and payment procedures and related terms - independent work, tests
2) Knows and understands the accounting needs of a company, duties and rights of a taxpayer - independent work, tests
3) Knows and understands the types of investments and their role in agriculture and rural development - practical work, independent work, tests, presentation
4) Able to apply the acquired theoretical and practical knowledge, to link theory with practice - practical work, independent work, tests, presentation
5) Able to independently prepare the balance sheet, profit and loss account and cash flow of a small agricultural enterprise - practical work, independent work, tests
6) Able to carry out various tax calculations - practical work, independent work, tests
7) Familiar with preferential tax treatment in agriculture - practical work, independent work, control work
8) Knows the types of investments and their sources for agricultural and rural development - practical work, independent work, presentation
9) Able to plan the tasks responsibly - independent work, presentation

10) Able to select information, present and substantiate proposals - independent work, presentation

Course Content(Calendar)

Part I Accounting
1. Accounting, its significance and requirements. The essence of accounting, tasks. Users of accounting data. Accounting laws and their essential requirements. Organization of accounting work in a company. Accounting objects. Subject of financial accounting. The subject of management accounting. Recording of economic operations. Concept and meaning of document in accounting. (1 lecture, 2 practical works)
2. Accounting balance and its structure. The concept of balance. Structure of the balance. Changes in Balance Sheet Items (2 lectures, 4 practical works)
3. Accounting accounts and their general structure. The concept of accounts and their general structure. Structure of balance accounts. Structure of operation accounts. Structure of the profit or loss account. Synthetic and analytical accounts. Double-entry accounting of business operations, account correspondence. The chart of accounts and its preparation (1 lecture, 2 practical works)
4. Payroll accounting. Taxes on wages. State Social Insurance Obligatory Contributions (SSIA). Personal income tax. (1 lecture, 2 practical works)
5. Cash accounting. Cash Flow Statement. Requirements and obligations (1 lecture, 1 practical work, 1 hour - test)
6. Inventory accounting. The composition of the stocks and the information they require. Accounting of purchased inventories. Accounting of self-produced products. Pet accounting organization Stock valuation methods (weighted average, FIFO, lowest market price). Long-term investment accounting. Nature, composition and accounting requirements of long-term investments. Accounting of fixed assets and their creation. Calculation and accounting of fixed assets depreciation. (1 lecture, 2 practical works)
7. Equity accounting. Accounting for operating income and expenses. Calculation of profit or loss. Content, preparation, approval and submission of the financial statements. (1 lecture, 2 practical works)
8. The system of taxes and duties in the Republic of Latvia. Value-added tax. Corporate income tax. Business tax on light vehicles. Property tax. Other taxes. Tax incentives in agriculture. (1 lecture, 3 practical works)
9. Laws and regulations governing the accounting of ordinary entries. Synthetic and analytical accounting in simple entry accounting. Declaration of annual income. Self-employed SSIA (1 lecture, 2 practical works, 1 hour - test)
Part II Investments
10. Economic conditions for agricultural aid. Historical aspects of agricultural support formation. State aid payments, their regulatory framework and historical development. The role of support in corporate financial stabilization and investment (1 lecture).
11. Sources of funding for the aid and rates of co-financing. European Union direct payment system and regulation: area payments and eligibility conditions; animal premiums and the conditions governing their receipt; others (1 lecture, 2 practical works).
12. Regulation of agricultural commodities market and support measures (1 lecture, 2 practical works).
13. Support measures to facilitate access to credit (1 lecture, 2 practical works).
14. European Union support for rural development, its regulatory framework and eligibility conditions: promoting competitiveness in agriculture and forestry; support for the environment and the countryside; promotion of non-agricultural activities in rural areas, etc. (1 lecture, 2 presentations).

15. Reforms of the Common Agricultural Policy of the European Union and their Characteristics (1 lecture, 2 presentations).

Requirements for awarding credit points

Test 1 Accounting objects, accounting balance. Calculation of wages.
Test 2 Accounting of fixed assets and inventories. Calculation of profit and loss and value added tax
At the end of the course students must take an exam on the topics covered. Students can receive a cumulative grade if it is at least 6 points. Accumulative assessment consists of tests (2 x 30%), independent work (10%) and presentation (30%).

Description of the organization and tasks of students’ independent work

Self-study - Cash Flow Planning.
Presentation - National and EU Support Payments for Agriculture and Rural Development.

Criteria for Evaluating Learning Outcomes

Must be completed for all jobs. Each work is graded. The evaluation of the study course depends on the evaluation of independent work, tests and exam, 10% corresponds to one point on a 10-point assessment scale.

Compulsory reading

1) Benze J. Finanšu grāmatvedība. Rīga, 1998. 322 lpp.
2) Berkeley H. An Introduction to Economics. Concepts for Students of Agriculture and the Rural Sector. 4th Edition. Cabi, 2014. 256 p.
3) Leibus I. Uzņēmuma darbības uzsākšana, grāmatvedība un nodokļi. Rīga: Lietišķās informācijas dienests, 2019. 173 lpp.
4) Leibus I. Pašnodarbināto grāmatvedība un nodokļi. Rīga: Lietišķās informācijas dienests, 2020. 147 lpp.
5) Grāmatvedības pamati uzņēmumos. I.Leibus , R.Grigorjeva , A.Jesemčika , A. Svarinska. Rīga: Lietišķās informācijas dienests, 2019. 195 lpp.
6) Finanšu grāmatvedība. I.Leibus, I.Pētersone, A.Jesemčika, A.Svarinska, R.Grigorjeva. SIA Lietišķās informācijas dienests, Rīga, 2020. 318 lpp.
7) Pilvere I., Upīte I., Tetere V. Protekcionisma instrumentu ietekme primāro un sekundāro sfēru ilgtspējīgā attīstībā: zinātniska monogrāfija. Latvijas Lauksaimniecības universitāte. Jelgava, 2012. 191 lpp.

Further reading

1) Apsīte I. Uzņēmuma gada pārskats. Rīga: Lietišķās informācijas dienests, 2012. 296 lpp.
2) Andžāne V. Ilgtermiņa ieguldījumu uzskaite. Rīga: LU, 2001.
3) Bojarenko J., Beļavska L., Tjurina A. Finanšu grāmatvedība: teorija un prakse. I daļa. Rīga: KIF Biznesa komplekss, 2009.
4) Finanšu grāmatvedība: teorija un prakse. J.Bojarenko, A.Tjurina, M.Ķuda, I.Pokromoviča, I.Jespere. II daļa. Rīga: KIF Biznesa komplekss, 2009.
5) Brūna I., Kaire L. Apgrozāmo līdzekļu uzskaite. Rīga: LU, 2002.
6) Grebenko M. Darba likums un grāmatvedība. Rīga: Lietišķās informācijas dienests, 2018.
7) Krogzeme H. Nodokļu un finanšu grāmatvedības pamati. Rīga: RTU Izdevniecība, 2011. 392 lpp.
8) Ludboržs A. Pamatlīdzekļu uzskaite. Rīga: Lietišķās informācijas dienests, 2006. 255 lpp.
9) Ludboržs A. Apgrozāmā kapitāla vadīšana nelielos uzņēmumos. Rīga: Lietišķās informācijas dienests, 2007. 288 lpp.
10) Ludboržs A. Apgrozāmā kapitāla vadīšana nelielos uzņēmumos. Rīga: Lietišķās informācijas dienests, 2007. 287 lpp.
11) Matule I. Grāmatvedības organizācijas dokumenti – izstrādāšanas rokasgrāmata. Rīga: Lietišķās informācijas dienests, 2016.

Periodicals and other sources

1. Bilance: grāmatvedība, likumdošana, finanses. Rīga: Lietišķās informācijas dienests, 2005-. ISSN 1407-5709
2.AgroTops. Rīga: Aģentūra Agro apgāds. ISSN 1407-5164.
3.Grāmatvedība un Ekonomika. Rīga: SIA Grand. ISSN 1691-1172.
4.iFinanses.lv Rīga: Izdevniecība iŽurnāli, Elektronisks žurnāls.
5.plz.lv Rīga: Lietišķās informācijas dienests. Elektronisks žurnāls.
6.Latvijas Ekonomists, žurnāls. ISSN 1025-8922.
7.Eiropas Savienības Padome. Kopējā lauksaimniecības politika. Pieejams: https://www.consilium.europa.eu/lv/policies/cap-future-2020/
8.Latvijas Valsts Agrārās ekonomikas institūta mājaslapa. Pieejams: https://lvaei.lv/
9.Lauku atbalsta dienesta mājaslapa. Pieejams: http://www.lad.gov.lv
10. LR likumi un MK noteikumi. Pieejams: http://www.likumi.lv
11.Valsts ieņēmumu dienesta mājaslapa. Pieejams: http:/www.vid.gov.lv

12.Zemkopības ministrijas mājaslapa. Pieejams: http://www.zm.gov.lv

Notes

Professional Bachelor's Degree Programme “Agriculture”