Financial Accounting I

Total Hours in Course120

Number of hours for lectures18

Number of hours for seminars and practical classes18

Independent study hours84

Date of course confirmation29.10.2018

Responsible UnitInstitute of Economics and Finance

Course developer

lect.

Ingrīda Pētersone

Mg. oec.

Course abstract

The course includes the theoretical fundamentals of financial accounting, methodology and skills for performing practical tasks in accounting, as well as understanding the basic principles of preparing an enterprise financial report, assessing the financial position of the company and the results of economic activity necessary for the adoption of relevant decisions in the control, planning and process management work.

Learning outcomes and their assessment

1. Demonstrate the knowledge of the basic idea of a balance sheet and the basic principles of classification of balance sheet items - Discussions in classes, a test
2. Demonstrate an in-depth understanding of the effects of economic transactions on the balance sheet - Discussions in classes, a test
3. Demonstrate an in-depth understanding of the nature of revenues and expenses and their inclusion in a profit or loss account - Discussions in classes, a test
4. Demonstrate an in-depth understanding of recording economic transactions in the double-entry system - Discussions in classes, a test
5. Demonstrate an in-depth understanding of fixed assets accounting, depreciation calculation methods and an evaluation of fixed assets for a financial statement - Examination
6. Demonstrate an in-depth understanding of current assets accounting, stock accounting methods and an evaluation of current assets for a financial statement - Examination
7. Demonstrate an in-depth knowledge and understanding of the composition and the basic principles of preparing a financial statement - Examination
8. Independently assess simple economic transactions and record them according to their economic nature - Practical assignments
9. Reasonably explain and discuss important financial accounting-related matters - Discussions in classes
10. Calculate the values of balance sheet items as well as profits or losses - Examination
11. Responsibly plan the completion of the assignments given - Independent work
12. Participate in planning and setting goals - Practical assignments
13. Develop social interaction, cooperation and organisational skills needed for employment - Discussions in classes
14. Present the results of calculations performed - Practical assignments
15. Draw up a balance sheet and a profit or loss account for an enterprise - Practical assignments, an examination

16. Independently keep accounts of economic transactions according to their economic nature and relevant legal requirements - Test with calculations

Course Content(Calendar)

1. Accounting, its significance and requirements. Accounting laws and regulations. (lecture 1 hour, practical work 1 hour)
2. Organization of accounting in society. Accounting records and records. (lecture 1 hour, practical work 1 hour)
3. Accounting objects. Accounting balance (lecture 1 hour, practical work 1 hour)
4. Impact of Economic Operations on the Balance Sheet (lecture 1 hour, practical work 1 hour)
5. Basic principles of revenue and cost recognition (lecture 1 hour, practical work 1 hour)
6. Nature of Profit and Loss Calculation and Characteristics of Schemes (lecture 1 hour, practical work 1 hour)
7. Accounting accounts and double entry. Synthetic and Analytical Accounts (lecture 1 hour, practical work 1 hour)
8. Business Operations Transactions (lecture 1 hour, practical work 1 hour)
9. Accounting Requirements for Long-Term Investments and Presentation in Financial Statements (lecture hour, practical work 1 hour)
10. Impairment adjustments. Depreciation calculation methods (lecture 1 hour, practical work 1 hour)
11. Accounting and Valuation of Current Assets in Financial Statements (lecture 1 hour, practical work 1 hour)
12. Inventory Accounting and Inventory Costing Methods (lecture 1 hour, practical work 1 hour)
13. Inventory accounting methods. Accounts Receivable Requirements (lecture 1 hour, practical work 1 hour)
14. Requirements for the preparation of financial statements. Presentation of financial report (lecture 1 hour, practical work 1 hour)
15. Components of Financial Statement, their General Characteristics (lecture 1 hour, practical work 1 hour)
16. Preparation of Profit or Loss Statement (lecture 1 hour, practical work 1 hour)
17. Preparation of Balance Sheet Report (lecture 1 hour, practical work 1 hour)

18. Preparation of Cash Flow Statement (lecture 1 hour, practical work 1 hour)

Requirements for awarding credit points

During the course students must pass a test on the financial accounting topics covered in the course.
During the course the student should take part in solving practical tasks and participate in discussion on financial accounting topics.
At the end of the course, you must pass an examination on long-term investment accounting and depreciation calculation, working capital accounting and financial statement preparation.

Description of the organization and tasks of students’ independent work

To master and strengthen theory questions by studying literature and solving tasks. Prepare for the exam and test. Carry out practical work on financial accounting topics.

Criteria for Evaluating Learning Outcomes

1. Practical work, discussion in the class on the topics acquired during the course - 10 %
2. Test with calculations on the topics acquired in the course - 40 %
3. Examination of accounting of long-term investments and calculation of depreciation, accounting of current assets and preparation of financial report - 50 %
Practical work, tests and examinations are evaluated according to the pre-defined assessment procedure.
The overall assessment of the study course depends on the assessment of the test, examination and practical work.
10 % are equal to one point on a 10-point marking scale.

Compulsory reading

1. Leibus I., Grigorjeva R., Jesemčika A., Svarinska A. Grāmatvedības pamati uzņēmumos. Rīga: Lietišķās informācijas dienests, 2019. 195 lpp.
2. Leibus I. Pirmie soļi komercdarbībā: darbības uzsākšana, grāmatvedība un nodokļi. Rīga: Lietišķās informācijas dienests, 2016. 152 lpp.
3. Leibus I., Pētersone I., Jesemčika A., Svarinska A., Grigorjeva R. Finanšu grāmatvedība. Rīga: Lietišķās informācijas dienests, 2018. 320 lpp.
4. Elliot B., Elliot J. Financial Accounting, Reporting and Analysis: International Edition. London: Prentice Hall, 2006. 696 p
5. Kusins J., Zariņa V. Gada pārskats un iepriekšējo periodu kļūdas. Palīglīdzeklis grāmatvežiem. Rīga: Biznesa augstskola Turība, 2016. 352 lpp.
6. Ludboržs A. Pamatlīdzekļu uzskaite. Rīga: Lietišķās informācijas dienests, 2006. 255 lpp. [Bilances Bibliotēka]

Periodicals and other sources

1.Bilance: elektroniskais žurnāls. Rīga: Lietišķās informācijas dienests, 2005- ISSN 1407-5709. grāmatvedība, likumdošana, finanses: žurnāls par grāmatvedību, likumdošanu un finansēm. plz.lv:
2. Elektroniskais žurnāls iFinanses.lv Pieejams: http://www.ifinanses.lv/lat Portāls „iFinanses.lv”

3.Finanšu ministrija http://www.fm.gov.lv

Notes

Compulsory study course for the ESAF Academic Master's Degree Programme in Economics

Atsauksmes