Accounting part I

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The purpose of the course is to familiarise students with regulatory framework and accountancy rules, financial accounting system, which is a logical, complete and compact system, describing assets, sources of their financing, and result of business activities. The students will be able to prepare records of economic operations in accounting books and to prepare a preliminary balance sheet and profit and loss account. The seminar consists of the theoretical, definitional part realized in the form of lecture and team work, consisting of problem-solving in groups. Seminar is designed for students of the first yearr first degree studies.

The class requires from the students an independent work, beyond class in the dimension of 3h every week, in order to prepare for class and do homework.

The seminar is aimed to introduce students to the principles of accountancy as the specific language of business that includes the performance of institutional chart of accounts, methods of valuation, recording of economic operations, principles of recording long-term assets (intangible assets, tangible fixed assets, long-term investments) and short-term assets (materials, traded goods and products, cash and cash equivalents, accounts receivable, settlements with employees), costs, revenues, liabilities (equity, liabilities, reserves/provisions) and calculation of financial result in the costs by nature and costs by function approaches as well as preparing financial statements (balance sheet, income statement).

During the semester, the basics of book-keeping and accountancy will be presented. The detailed plan of lectures is as follows:

1 Introduction to accounting principles.

2 The accounting system - its functions.

3 The accounting equation and statement of financial position. The classification of assets and liabilities.

4 The double entry system for assets, liabilities and capital.

5/6 The double entry system for expenses and revenues. Revenues and expenses, notion and classification

7. Tangible fixed assets - depreciation, initial and current valuation, sale.

8. Intangible assets - amortization, initial and current valuation, sale.

9. Inventory valuation. Periodic and perpetual inventory flow methods, FIFO, LIFO, average cost.

10. Bad debts and allowances for doubtful debts.

11/12. In-class practice.

13. Colloquium

he obligatory literature:

- "Book-Keeping and Accounts" (2013) 8th Edition by Frank Wood, Sheila Robinson,

- "Financial Accounting: Global Edition International Financial Reporting Standards" (2013)

9th Edition by Walter Harrison, Charles Horngren, Bill Thomas, Themin Suwardy

- Ewa Śniżek, Ewa Walińska, Maciej Frendzel, Joanna Stępień-Andrzejewska, Financial Accounting, Centrum Controllingu i Analiz Ekonomicznych Sp. z o. o., Łódż 2007.

The literature supplementary:

Zbigniew Messner, Józef Pfaff, Rachunkowość finansowa Część I (Podstawy rachunkowości), Stowarzyszenie Księgowych w Polsce, Warszawa 2008;

- Wiktor Gabrusewicz (red.), Rachunkowość finansowa Część II (Rachunkowość dla zaawansowanych), Stowarzyszenie Księgowych w Polsce, Warszawa 2009;

- Zbigniew Messner (red.), Rachunkowość finansowa z uwzględnieniem MSSF, Warszawa 2007;

- Maria Gmytrasiewicz, Anna Karmańska, Rachunkowość finansowa, Vademecum Rachunkowości, Difin, Warszawa 2006;

- Maria Gmytrasiewicz, Rachunkowość Podstawowe założenia i zasady, Vademecum Rachunkowości, Difin, Warszawa 2008;

- Irena Olchowicz, Agnieszka Tłaczała, Sprawozdawczość finansowa według krajowych i międzynarodowych standardów, Vademecum Rachunkowości, Difin, Warszawa 2008;

- Wiesław Sasin, Zakładowy plan kont dla spółki z o. o., Sigma, Warszawa 2008;

- Jerzy Gierusz, Plan kont z komentarzem. Handel Produkcja Usługi, Ośrodek Doradztwa i Doskonalenia Kadr Sp. z o. o., Gdańsk 2009;

- Grażyna Zdziennicka-Kaczocha, Podróże służbowe w kraju i poza jego granicami, Wydawnictwo Sigma, 2008;

After completion of the seminar the student will:

KNOWLEDGE

1. understanding of the principles of accountancy

2. arrangement of balance sheet, income statement, cash flow statement, statement of changes in shareholders' equity

3. recognition and understanding of what is included in individual positions of financial statements

4. understanding of more advanced accounting and financial reporting rules such as foreign currency transactions, deferred and accrued assets and liabilities, inventory flow methods, depreciation and amortization acoounting, etc.

SKILLS

1. explaining positions on financial statements

2. accounting for (as a consequence of economic operations) and recording typical economic operations

3. preparing the opening and closing balance sheet and income statement in comparative and calculative approaches

4. valuating components of assets and liabilities, expenses and revenues

5. calculating financial result

6. recognizing connection among positions of balance and income statement

ATTITUDE

1. analysing economic operations in the light of principles and the standards of accountancy

2. understanding the role of accountant and accounting policies in creating the financial strategy of an enterprise

The obligatory presence. One unexcused absence per semester is accepted. More than one unexcused absence will require additional problems to be completed or a penalty of -5 points will be assigned. Assessment in the summer semester is based in 50% on written exam composed of open problems and questions of single choice, 20% on four assignments consisting of solving the tasks related to topics discussed during classes, and 30% final in-class colloquium consisting of 10 transactions. Obtaining at least 50% on colloquium is manadatory to participate in the final examination. Due epidemic or other reasons the colloquium and exam may be held online.