Course code Ekon2139
Credit points 3
Total Hours in Course81
Number of hours for lectures16
Number of hours for seminars and practical classes16
Independent study hours49
Date of course confirmation23.03.2022
Responsible UnitInstitute of Economics and Finance
Mg. oec.
Mg. oec.
The course aims to provide students with an understanding of economic relationships at both the microeconomic and macroeconomic levels and of the accounting system in Latvia. The course analyses current developments in Latvia at the macroeconomic level, allowing students to assess them and express their opinions on economic forecasts.
The course provides basic knowledge of the accounting system in Latvia, the areas, principles and methods of accounting, accounting items and the recording of accounting items in the double-entry system, as well as the content of an annual financial statement.
KNOWLEDGE of
1) the real situation in the national economy and the contribution of the forest industry to the economy. Discussion.Test. Homework presentation.
2) accounting methodologies, accounting items and their recording in the double-entry system, the structure of the annual financial report and the basic principles of the preparation thereof. Test with calculations, discussions in classes.
SKILLS to
1) to assess the market situation and the effects of non-price factors of demand and supply on a market equilibrium, perform an economic assessment of an enterprise’s production costs. Able to select and analyze indicators characterizing the national economy. Practical assignments, a test. Homework presentation.
2) apply accounting methods, define the modern forms of an enterprise’s internal control and apply these forms, observe the accounting organization requirements and accounting rules specified in relevant regulatory enactments. Practical assignments, a test with calculations, discussions in classes.
COMPETENCES to
1) is able to express conclusions about the macroeconomic situation and discuss current economic problems. Discussions. Presentation of homework.
2) implement the accounting principles in an enterprise according to the requirements of relevant regulatory enactments and the specifics of the activity of a hospitality enterprise. Tests, practical assignments.
1. The basic problem of economics. Market demand and supply. (2 hours)
2. Price elasticity of supply and demand. Consumer behaviour in the market. (2 hours)
3. Production, production costs (2 hours)
4. Types of market competition, the features thereof. The market for the factors of production (resources). Test. (2 hours)
5. Basic macroeconomic indicators. Aggregate demand and supply. (2 hours)
6. Employment and unemployment. Inflation. (2 hours)
7. Student presentations on current issues in economic growth (2 hours)
8. Money and the banking system. The state budget and tax policies. (2 hours)
9. Introduction to accounting. Accounting concepts (terms). The basic idea of accounting, the objectives. Users of accounting data. Basic requirements for the organization and management of the accounting process. The concept of monetary representation (1 hour).
10. The subject and methods of accounting. Accounting items. Costs and values. The principle of individual valuation. Elements of the accounting method. The subject of financial accounting (1 hour).
11. The accounting (balance sheet) equation. The concept and structure of a balance sheet. Changes in balance sheet items. The business equation (profit earned). Long-term investments and current assets. Capital and revenue. Creditors and debtors (4 hours).
12. Accounts and their general construction. Balance sheet account structure. Operation account structure. Synthetic and analytical accounts. Recording of economic operations. Making entries in registers and the double-entry system (3 hours).
13. Requirements for documents. The classification of documents: cash, product, raw material and fixed asset flow, wage calculation and other documents. Correction of errors in accounting documents and registers (2 hours).
14. Accounting policies and accounting process documents. Stocktaking. (2 hours).
15. The content and drawing up, approval and submission of an annual financial statement. A profit or loss statement (3 hours).
Part – time extramural studies:
All the topics intended for full – time studies are covered, yet the number of contact hours is ½ of the specified number of hours.
On Economic Theory students must be written in microeconomics and a presentation on current economic problems from the proposed list of topics must be prepared, submitted and successfully defended.
In accounting, a cumulative assessment is made up of: 1) two tests successfully passed during the semester: the accounting balance and its structure; accounting accounts and the registration of economic operations; 2) practical assignments done. If a test has not been passed, retaking the test is permitted once, in writing, for theoretical matters learned and practical assignments done during the semester.
The student must to do compulsory reading –regulatory literature on accounting – throughout the semester and prepare for tests. Collecting, summarizing and analyzing data, and preparing a presentation.
The student has to be able to explain and interpret complex technical accounting data and learn to register economic transactions in an account, make a profit or loss account, calculate net profit and report it on the balance sheet.
Exam. Cumulative assessment, consisting of:
• Test in microeconomics – 20%;
• Test in accounting with calculations - 10%;
• Homework present - 20%;
• Participation in practical work and discussions - 10%;
•Exam on assessing the sustainable financial performance of the company – 40%.
1. Bikse V. Ekonomikas teorijas pamatprincipi:
mācību līdzeklis /Veronika Bikse. Rīga: Izglītības soļi, 2007.454 lpp
2. Šenfelde, M. Makroekonomika.
Rīga : RTU izdevniecība, 2012. 244 lpp.
3. Grāmatvedības pamati uzņēmumos. I. Leibus, R.Grigorjeva, A. Jesemčika, A. Svarinska. Rīga: Lietišķās informācijas dienests, 2019. 195 lpp.
4. Kelmere L. Ievads grāmatvedībā jeb grāmatvedības pamati: teorija un uzdevumi. Rīga: Lietišķās informācijas dienests, 2020. 255 lpp.
1. Economics / N. Gregory Mankiw and Mark P. Taylor. London, 2008. ; 830 p
2. Economics / David King, NewYork, 2012.; 676 p.
3. Januška M. Uzskaite un pārskati mūsdienu uzņēmējdarbībā. Rīga: Merkūrijs LAT. 2008. 99 lpp.
4. Krogzeme H. Komersantu darbības analīze un kontrole. Rīga: RTU 2013. 348 lpp.
1. Bilance: grāmatvedība, likumdošana, finanses: žurnāls par grāmatvedību, likumdošanu un finansēm. Rīga: Lietišķās informācijas dienests. 2005- ISSN 14075709
2. iFinanses. Rīga: Izdevniecība iŽurnāli. ISSN 2255-985X
3. Latvijas Bankas uzturēta ekonomiskās analīzes vietne. Pieejams: https://www.makroekonomika.lv/
4. Centrālā statistikas pārvalde. Pieejams: https://www.csb.gov.lv/lv/sakums
5. ES valstu statistika. Pieejams: https://ec.europa.eu/eurostat/data/database
Compulsory course for the LLU Forest Faculty academic bachelor programme Forestry Science and the professional bachelor programme Forest Engineering