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Financial and Managerial Accounting

Financial and Managerial Accounting

  • Class 40
  • Practice 10
  • Independent work 130
Total 180

Course title

Financial and Managerial Accounting

Lecture type

Obligatory

ECTS

6

Lecturers and Associates

The course aims

Introduce students to the process of preparing and analyzing financial statements and economic contexts in which these statements apply. Enable students to apply techniques of double-entry accounting in the preparation and development of basic financial statements.

Content

Lecture topics: L1: Introduction and environment of financial reporting. L2: Using accounting information to make decisions. L3: Understanding the Balance Sheet. L4: Understanding the income statement. L5: Accounting mechanics. L6: Professional judgement in the financial statements. L7: Revenue recognition. L8: Earnings persistence. L9: Time value of money. L10: Debt and equity financing. L11: Analysis of financial statements. L12: Understanding receivables. L13: Understanding Research and Development. L14: Earnings management. L15: Introduction to Managerial Accounting. L16: Cost behaviors and relevant costs. L17: Budgeting and break-even analysis. L18: Activity based costing. L19: Internal controls. L20: Performance evaluation and the Balanced Scorecard. Topics for seminar classes: S1: Role and importance of tangible fixed assets in business enterprises. S2: Role and importance of intangible fixed assets in business enterprises. S3: Money in banks and registers. S4: Accounting treatment of accrual payments. S5: Accounting treatment of liabilities. S6: Accounting of inventories and materials. S7: Accounting of production and finished goods inventory. S8: Accounting of capital. S9: Costs of depreciation of assets. S10: Material costs. S11: Costs of services and personnel costs. S12: Accruals. S13: Accounting of operating expenditures. S14: Accounting of business income. S15: Balance. S16: Income statement. S17: Statement of cash flows. S18: Statement of changes in equity and notes to financial statements. S19: Balance sheet changes. S20: System of standard costs, planning processes and preparation of plans.

Literature

Nemrow, N. (2018): Financial and Managerial Accounting (http://www.businesslearningsoftwareinc.com)
Drake, D., Engel, E., Hirst, E., McAnally, M. (2015): Cases in Financial Reporting

Supplementary literature

Stice E. and Stice J. (2017): Corporate Financial Reporting for MBA’s
https://www.myeducator.com/reader/web/515/
Stice E. and Stice J. (2006): Financial Accounting, 9th edition
Libby R., Libby P. and Short D. (2011): Financial Accounting, 7th edition
Hilton, Ronald W. (2011): Managerial Accounting, 9th edition
Horngren, Datar, and Foster (2003): Cost Accounting

Minimum learning outcomes

  • Critically evaluate underlying concepts and principles of financial reporting and managerial accounting.
  • Evaluate qualitative characteristics of financial information.
  • Establish the context and purpose of financial reporting.
  • Reassess, estimate and interpret financial statements.
  • Evaluate the characteristics of product costs and their use in making managerial decisions.

Preferred learning outcomes

  • Critically evaluate sets of financial statements including profit and loss, balance sheet, cash flow statement and capital stock balance sheet.
  • Evaluate the use of double-entry bookkeeping and accounting system.
  • Establish trial balances including identifying and correcting errors.
  • Evaluate and present (short) forms of financial statements.
  • Analyze cost data for product costing and performance measurement.