Financial Accounting (FIN101, F)

Course description

This course presents the underlying framework and concepts of Financial Accounting in the context of how accounting fits into the overall business environment of contemporary society.  Financial accounting is the basic means of recording and reporting financial information in a business. Students will learn how accounting functions as an information development and communication system that supports economic decision making and provides value to entities and society. Students will discover the uses and limitations of financial statements and related information and apply analytical tools in making both business and financial decisions.

Course objectives  

The objective of the course is to learn to read, understand, and analyze financial statements. The course adopts a decision-maker perspective of accounting by emphasizing the relation between accounting data and the underlying economic events that generated them. The course focuses initially on how to record economic events in the accounting records and how to prepare and interpret the primary financial statements that summarize a firm's economic transactions. After having completed the course students should be able to answer below listed learning objectives.

Learning outcomes

  • To be able to identify the essential accounting features, goals and be able to implement them.
  • To understand accounting process and its organization procedures.
  • To be able to account income, expenses, long-term and short term assets, equity, and liabilities. To financial statements correction factors. To be able to distinguish after-balance events and to show them in the financial statements.
  • To be able to select accounting policy distinguishing all three aspects: organizational, technical and methodological.
  • To be able to prepare financial statements and acquire knowledge and practical skills in keeping accounting in the companies.