Course code EkonP021

Credit points 6

Accounting and Finance

Total Hours in Course240

Independent study hours240

Date of course confirmation22.05.2019

Responsible UnitInstitute of Finance and Accounting

Course developer

author Finanšu un grāmatvedības institūts

Gunita Mazūre

Dr. oec.

Prior knowledge

Ekon2079, Simple-entry Accounting

Ekon2081, Finance and Credit

Ekon2135, Tax Accounting

Ekon3111, Financial Accounting

Ekon3116, Financial Management

Course abstract

Students acquire processes of accounting and financial management in the companies representing various sectors of the national economy and participate in the implementation of these processes. During the practice, students consolidate the theoretical and practical knowledge acquired during the studies in accounting and finance.

Learning outcomes and their assessment

1. Knowledge on the operation of internship company and the legal and regulatory enactments regulating accounting of internship place – internship report, reference from the internship supervisor, presentation of the internship report.
2. Knowledge on the main principles, objectives and tasks of finance and accounting as well as the financial reporting process of the internship company – internship report, reference from the internship supervisor, presentation of the internship report.
3. Knowledge on the financial management activities, tax calculation, tax return preparation and filing in procedures of the internship company – internship report, reference from the internship supervisor, presentation of the internship report.
4. Ability to apply the laws and regulations of the Republic of Latvia in accounting, calculation of taxes and fees as well as in the preparation of tax returns and reports – internship report, reference from the internship supervisor.
5. Ability to independently use accounts in accounting of the business transactions, compile and fill in accounting documents and registers – internship report, reference from the internship supervisor.
6. Ability to independently analyse, evaluate, judge and solve practical tasks in the field of finance and accounting, working individually and in a team – internship report, reference from the internship supervisor, presentation of the internship report.
7. Ability to take responsibility reference from the internship supervisor.
8. Ability to work in a team and fulfil the tasks assigned reference from the internship supervisor.
9. Ability to explain and present the results of his / her work presentation of the internship report.
10. Ability to analyse the financial situation of the internship company, make financial plans and determine the sources of financing – internship report, reference from the internship supervisor, presentation of the internship report.

11. Ability to independently guide one’s activity in the development of competences - internship report.

Course Content(Calendar)

1. The internship is organised to consolidate the acquired theoretical knowledge and to supplement it with practical skills. The internship company is chosen by the student and must have an accounting department. The internship placement may be a company, institution or organisation.
2. The student introduces the representatives of the internship company to the internship programme, his/her theoretical knowledge, practical skills and wishes to improve them during the internship. If there is a mutual agreement between the internship company and the student, a tripartite agreement is signed between the representative of the internship company, the dean of the Faculty of Economics and Social Development (ESAF) and the student. One copy of the signed tripartite internship agreement shall be submitted by the student to the responsible academic staff of the Institute of Finance and Accounting not later than two weeks before the commencement of the internship.
3. The Institute of Finance and Accounting for each trainee prepares an internship assignment supplemented with an internship programme. A student is not eligible to start an internship without an assignment. The tasks defined in the internship assignment are performed and the tasks entrusted to the trainee by the supervisor of the chosen internship company are performed during the internship. The trainee’s objective is to get to know the internship company as much as possible and to perform the tasks entrusted to him/her in good faith.
4. On the due date, the student must arrive at his/her internship company and start performing the internship programme assignments. Duration of internship - 6 weeks.
5. During the internship the student prepares the internship report according to the content of the internship programme. The content of the internship report consists of a presentation of the topics of the internship content. The student himself / herself is responsible for the development of the internship report. The internship company has the right not to disclose commercial information.
6. The report is written in parallel with the internship. The completed internship report must be submitted to the internship supervisor appointed by the Institute at the end of the internship.
7. Consistent with the chosen internship company, the trainee shall:
• become familiar with the purpose, organisational structure, work organisation of the company, work organisation of the accounting and financial departments and the tasks to be performed by the financial department;
• evaluate the performance of the company, institution or organisation in previous years (development dynamics, analysis of financial indicators etc.), demonstrating the ability to apply the theoretical knowledge;
• examine the legal and regulatory requirements governing the operation of the company, institution or organisation;
• explore the contents of financial statements and their role in the financial management;
• become familiar with the organisation of accounting, accounting documents, accounting records and requirements for the composition and preparation of the financial statements, carrying out stock-taking and controlling the accounting operations;
• investigate the financial management structure and business directions of the company, institution or organisation (management of assets, capital, cash etc.);
• investigate the accounting of sources of funds, income and expenses, the formation of financial results, the structure and management of sources of funds of the company, institution or organisation.
8. The trainee shall, as far as possible, participate in discussions and meetings organized on site, which are open to the public and may improve the knowledge on the tasks included in the internship programme.
9. During the internship the student draws up an internship report of 15-20 pages without attachments in accordance with the tasks in computer-generated A4 format. The internship report shall be prepared in accordance with the Methodological Guidelines for the Development and Presentation of Term Papers of the Faculty of Economics and Social Development, Latvia University of Life Sciences and Technologies. The report must be supplemented with a completed, signed and stamped internship assignment. The internship report is submitted in a sewn-in stitch folder. The student signs the internship report.
10. The internship report includes the following compulsory components:
• title page;
• table of contents;
• introduction: aim and tasks of the internship;
• general characteristics of the internship company – legal form of the company’s business activities, operation and location;
• detailed description of the work done during the student’s internship;
• conclusions on the problems found in accounting and financial aspects in the company, institution or organisation, and proposals for solving problems;
• bibliography;
• attachments (if any).
11. Internship report and assignment must be submitted to the internship supervisor at the Institute of Finance and Accounting within the deadline set in the study schedule. The internship supervisor appointed by the Institute shall evaluate the content and presentation of the internship report. If the internship report meets the requirements, the student is allowed to participate in the defence of internship. The internship report is defended and evaluated by a commission, which also includes the internship supervisor.
12. Internship reports are defended at the Institute of Finance and Accounting at the commission appointed by the director of the Institute. The presentation of the internship reports requires a 5-7 minute presentation (PowerPoint) that includes:
• aim of the internship;
• brief description of the company, accounting and financial functions in the company, tasks performed during the internship;
• main conclusions;
• proposals for improving the accounting and financial analysis of the company.
13. After the presentation the student answers the questions of the commission. The student gives short, accurate and comprehensive answers to the questions asked.

14. Internship is assessed as pass / fail. The evaluation is made by the commission appointed for the internship defence based on the content of the internship report, its defence results and the feedback of the internship supervisor.

Requirements for awarding credit points

All themes - internship report, reference from the internship supervisor, presentation of the internship report (test without grading).

Description of the organization and tasks of students’ independent work

Students shall fulfil the requirements of the internship programme.

Criteria for Evaluating Learning Outcomes

Internship report, reference from the internship supervisor, presentation of the intern

Compulsory reading

1. Grāmatvedības pamati uzņēmumos. I.Leibus, R.Grigorjeva, A.Jesemčika, A.Svarinska. Atkārtots un atjaunots 2. izdevums. Rīga: Lietišķās informācijas dienests, 2016. 195 lpp.
2. Finanšu grāmatvedība. I.Leibus, I.Pētersone, A.Jesemčika, A.Svarinska, R.Grigorjeva. Atkārtots un atjaunots 2.izdevums. Rīga: Lietišķās informācijas dienests, 2019. 318 lpp.
3. Bojarenko J., Beļavska L., Tjurina A. Finanšu grāmatvedība: teorija un prakse. I daļa. Rīga: KIF Biznesa komplekss, 2009. 268 lpp.
4. Finanšu grāmatvedība: teorija un prakse. J.Bojarenko, A.Tjurina, M.Ķūda, I.Pokromoviča, I.Jespere. II daļa. Rīga: KIF Biznesa komplekss, 2009. 292 lpp.
5. Leibus I. Pirmie soļi komercdarbībā: darbības uzsākšana, grāmatvedība un nodokļi. Rīga: Lietišķās informācijas dienests, 2016. 152 lpp.
6. Finanšu vadības rokasgrāmata. Autori LAIKA STARS vadošie speciālisti u.c. Rīga: Dienas Biznesa rokasgrāmata, 2004.
7. Krogzeme H. Komersantu darbības analīze un kontrole. Rīga: RTU izdevniecība, 2013. 348 lpp.
8. Rurāne M. Uzņēmuma finanses. Rīga: Jumava, 2007. 266 lpp.
9. Saksonova S. Finanšu informācijas un pārskatu praktiskā izmantošana uzņēmumu finanšu lēmumu pieņemšanā. Rīga: INFO TILTS, 2012. 313 lpp.
10. Zīriņa V. Finanšu plānošana uzņēmumā. Rīga: Lietišķās informācijas dienests, 2009. 105 lpp.
11. Ludboržs A. Finanšu grāmatvedība tirdzniecībā. Rīga: Lietišķās informācijas dienests, 2003. 282 lpp.
12. Elliot B., Elliot J. Financial Accounting, Reporting and Analysis. London: Prentice Hall, 2006. 696 p.

Further reading

1. Par grāmatvedību: LR likums [tiešsaiste]. Pieņemts 14.10.1992.
Stājas spēkā 01.01.1993. [Skatīts 02.04.2020.]. Pieejams: https://likumi.lv/doc.php?id=66460
2. Gada pārskatu un konsolidēto pārskatu likums: LR likums [tiešsaiste]. Pieņemts 22.10.2015. Stājas spēkā 01.01.2016. [Skatīts 02.04.2020.]. Pieejams: https://likumi.lv/ta/id/277779-gada-parskatu-un-konsolideto-gada-parskatu-likums
3. Gada pārskatu un konsolidēto pārskatu likuma piemērošanas noteikumi: LR MK noteikumi Nr.775 [tiešsaiste]. Pieņemts 22.10.2015.
Stājas spēkā 01.01.2016. [Skatīts 02.04.2020.]. Pieejams: https://likumi.lv/ta/id/277779-gada-parskatu-un-konsolideto-gada-parskatu-likums
4. Dokumentu izstrādāšanas un noformēšanas noteikumi: MK noteikumi Nr. 558 [tiešsaiste]. Pieņemts 04.09.2018. Stājas spēkā 07.09.2018. [Skatīts 02.04.2020.]. Pieejams: https://likumi.lv/ta/id/301436-dokumentu-izstradasanas-un-noformesanas-kartiba
5. Noteikumi par grāmatvedības kārtošanu un organizāciju: MK noteikumi Nr. 585 [tiešsaiste]. Pieņemts 21.10.2003. Stājas spēkā 30.10.2003. Pieejams: https://likumi.lv/ta/id/277779-gada-parskatu-un-konsolideto-gada-parskatu-likums
6. Hofs K.G. Biznesa ekonomika. Rīga: Jāņa Rozes apgāds, 2011. 603 lpp.
7. Subatnieks K. Komercsabiedrības naudas plūsma: naudas plūsmas absolūto un relatīvo rādītāju izmantošana uzņēmuma finanšu analīzē. Rīga: SIA Drukātava, 2008. 100 lpp.
8. Bittlestone R. Financial Management for Business: Cracking the Hidden Code. Cambridge, New York: Cambridge University Press, 2010. 201 p.
9. Harrison W.T., Horngren C.T. Financial Accounting. 6th ed. New Jersey: Prentice Hall, 2005. 720 p.
10. Sutton T. Corporate Financial Accounting and Reporting. 2nd ed. London: Prentice Hall, 2004. 722 p.
11. Бланк И. А. Финансовый менеджмент: Учебный курс. Киев: Ника–Центр, Эльга, 2002. 528 с.

Periodicals and other sources

1. Bilance: žurnāls par nodokļu aktualitātēm, grāmatvedību, finansēm un likumdošanas niansēm ar labāko grāmatvedības un nodokļu ekspertu kompetentiem skaidrojumiem. ISSN 1407-5709.
2. IFinanses – žurnāls par nodokļiem, grāmatvedību un darba tiesībām un elektroniskais žurnāls/ifinanses.lv. Pieejams: https://ifinanses.lv/
3. Plz – praktiskais likumdošanas ziņnesis. Pieejams: https://www.plz.lv/
4. Finanšu ministrija. Pieejams: http://www.fm.gov.lv
5. VID mājaslapa. Pieejams: http://www.vid.gov.lv

Notes

Professional practice for the professional bachelor study programme “Entrepreneurship and Business Management” of the Faculty of Economics and Social Development.