Course code Ekon3111

Credit points 4

Financial Accounting

Total Hours in Course160

Number of hours for lectures16

Number of hours for seminars and practical classes48

Independent study hours96

Date of course confirmation22.05.2019

Responsible UnitInstitute of Finance and Accounting

Course developer

author lect.

Baiba Mistre

Mg. oec.

Prior knowledge

Ekon1024, Microeconomics

Ekon2079, Simple-entry Accounting

Ekon2081, Finance and Credit

Ekon2135, Tax Accounting

Replaced course

Ekon3069 [GEKO3069] Financial Accounting

Course abstract

The course deals with the theoretical basics and methodology of accounting and develops skills in performing practical tasks in accounting. Students learn the basic principles of preparing a financial statement for an enterprise and build up skills in assessing the financial condition and economic performance of the enterprise that is necessary for making decisions on controlling, planning and managing processes at the enterprise.

Learning outcomes and their assessment

1. Students will be able to: demonstrate the knowledge of accounting process organisation, accounting documents and registers. Test.
2. Demonstrate the knowledge of the basic principles of accounting for long-term investment and current assets. Test.
3. Demonstrate the knowledge of how to account for equity capital, reserves and liabilities. Test.
4. Independently deal with financial accounting organisation process issues, using the theoretical knowledge acquired, and identifying documents and registers needed for accounting purposes in accordance with the relevant legal framework. Practical assignments, classroom discussions, independent work.
5. Comprehend the basic requirements in accounting for long-term investment, current assets, equity capital, reserves and liabilities. Practical assignments, classroom discussions, independent work.
6. Independently comprehend and keep records of business transactions and identify financial performance in the reporting period. Practical assignments, independent work.
7. Engage in discussions on the compliance of business transactions with the relevant legal framework and on relevant documents and accounting registers. Practical assignments, group work.
8. Engage in discussions on accounting matters. Practical assignments.
9. Independently analyse the accounting organisation process, assess the items to be accounted for and identify relevant legal provisions. Practical assignments.
10. Independently establish an accounting process in accordance with the relevant legal framework. Practical assignments, a test, an examination.
11. Independently make decisions on accounting problems. Practical assignments, a test, an examination.
12. Critically assess the accounting organisation process. Practical assignments.
13. Independently analyse accounting information and urgent problems, make proposals for enhancing the accounting process. Practical assignments, a test, an examination.

Course Content(Calendar)

1. Financial accounting process organisation. Requirements of the relevant legal framework. Inventorying process and presentation of results. Accounting documents and registers, essential requirements for content and accounting (4 lectures, 16 practical assignments)
2. Accounting for long-term investments. Long-term intangible investments, fixed investments and long-term financial investments. Classification and accounting of fixed investments. Documents of fixed investments ant their contents. Depreciation calculation and accounting (4 lectures, 10 practical assignments)
3. General characteristics of current assets. Accounting process organisation. Classification of accounts receivable and requirements for accounting (1 lecture, 3 practical works)
4. Accounting of inventory (2 lectures, 6 practical assignments)
5. Accounting of trade receivables. Lost and insecure debtors. Cost accounting for the following periods. Accounting of loans (2 lectures, 4 practical assignments)
6. Accounting of money. Requirements of the cash and non-cash asset accounting (2 lectures, 4 practical assignments)
7. Classification of equity capital. Accounting for equity capital, retained profit, reserves and liabilities (2 lectures, 3 practical assignments)
8. Classification and accounting of long-term and short-term creditors. Trade payables, loans, and their accounting. Debts for taxes and other liabilities (3 lectures, 2 practical assignments)
9. Employment relationships, and payroll calculation. Accounting for taxes and duties related to employment relationships (4 lectures, 5 practical assignments)

Requirements for awarding credit points

Examination (written) - 40%
The exam consists of a test, questions about all the topics and tasks.
Three tests with calculations – 60%

Description of the organization and tasks of students’ independent work

Acquire and consolidate theory material, to study normative basis and to perform practical assignments. Prepare for tests and exam.

Criteria for Evaluating Learning Outcomes

The evaluation of the study course depends on the assessment of the tests and exam - 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. Kelmere L. Ievads grāmatvedībā jeb Grāmatvedības pamati: teorija un uzdevumi. Rīga: Lietišķās informācijas dienests, 2020. 255 lpp.
3. Leibus I., Pētersone I., Jesemčika A., Svarinska A., Grigorjeva R. Finanšu grāmatvedība. Rīga: Lietišķās informācijas dienests, 2018. 320 lpp.
4. Bojarenko J., Beļavska L., Tjurina A. Finanšu grāmatvedība: teorija un prakse. I daļa. Rīga: KIF Biznesa komplekss, 2009. 268 lpp.
5. Beļavska L. Grāmatvedības pamati atbilstoši starptautiskajiem un nacionālajiem standartiem: Mācību līdzeklis. Rīga: SIA KIF Biznesa Komplekss, 2007. 248 lpp.
6. Ludboržs A. Pamatlīdzekļu uzskaite. Rīga: SIA „LID”, 2006. 255 lpp.

7. Tīse L. Grāmatvedība: Mācību līdzeklis. Rīga: RTU izdevniecība, 2010. 87 lpp.

Further reading

1. Par grāmatvedību: LR likums [tiešsaiste]. Pieņemts: 14.10.1992. Stājas spēkā 01.01.1993. ar grozījumiem [skatīts 12.12.2019.]. Pieejams:
2. Gada pārskatu un konsolidēto gada pārskatu likums: LR likums [tiešsaiste]. Pieņemts: 22.10.2015. Stājas spēkā 01.01.2016. ar grozījumiem [skatīts 12.12.2019.]. Pieejams:
3. Noteikumi par grāmatvedības kārtošanu un organizāciju: MK noteikumi Nr. 585 [tiešsaiste] Pieņemts: 21.10.2003. Stājas spēkā 30.10.2003. ar grozījumiem [skatīts 12.12.2019.]. Pieejams:
4. Dokumentu izstrādāšanas un noformēšanas noteikumi: MK noteikumi Nr. 558 [tiešsaiste] Pieņemts: 04.09.2018. Stājas spēkā 07.09.2018. ar grozījumiem. [Skatīts 12.12.2019.]. Pieejams:
5. Kases operāciju uzskaites noteikumi: MK noteikumi Nr. 584 [tiešsaiste] Pieņemts: 04.09.2018. Stājas spēkā 29.10.2003. ar grozījumiem [skatīts 12.12.2019.]. Pieejams:
6. Apsīte I. Pamatlīdzekļu uzskaite komercuzņēmumos. Rīga: Lietišķās apmācības centrs, 2010. 266 lpp.

7. Ludboržs A. Finanšu grāmatvedība tirdzniecībā. Rīga: Lietišķas informācijas dienests, 2003. 282 lpp.

Periodicals and other sources

1. Bilance: žurnāls par grāmatvedību, likumdošanu un finansēm. Rīga: SIA Lietišķās informācijas dienests, 2000. ISSN 1407-5709
2. iFinanses – žurnāls par nodokļiem, grāmatvedību, darba un komerctiesībām. Rīga: iŽurnāli. ISSN 2255-985x Pieejams:
3. LR tiesību aktu mājas lapa. Pieejams: http://
4. VID mājas lapa. Pieejams:


Field professional specialization course for the ESAF professional Bachelor programme Entrepreneurship and Business Management (part B3)