Study programmes / B-EMEN Economics and Management / Financial Acccounting I
Course code:FU1A
Course title in language of instruction:Financial Acccounting I
Course title in Czech:Finanční účetnictví I v AJ
Course title in English:Financial Acccounting I
Mode of completion and number of credits:Exam (5 credits)
(1 ECTS credit = 28 hours of workload)
Mode of delivery/Timetabled classes:full-time, 2/1
(full-time, hours of lectures per week / hours of seminars per week)
Language of instruction:English
Level of course:bachelor
Semester:WS 2017/2018 - FBE
Name of lecturer:doc. Ing. Patrik Svoboda, Ph.D. (supervisor)
Prerequisites:Tax System
Aims of the course:The course comprises the explanation of basic terms in the theory
of accounting, the principles of balancing the property amounts and
liabilities in the particular accounting operations, operations in
accounts and accounting statements including opening and closing of
bookkeeping. The course strives to provide students with a legal modification
of bookkeeping, description of economic operations based on current
methods of double-entry bookkeeping for enterprising subjects in the Czech
Course contents:
1.Basis of Accounting (allowance 8/8)
a.The role and function of accounting in market economy
b.The conception of accounting, the importance of accounting
c.The users of accounting information, their needs in the field of accountancy
d.The methodical instruments of accounting and their role in accounting
e.The Accounting Act 563/1991

2.Double-Entry Bookkeeping for Entrepreneurs: (allowance 76/76)
a.The characteristic of present functional model of entrepreneur's accounting
b.Fixed Assets&emdash;classification, valuation and the methods of their booking in the framework for Tangible Fixed Assets, Intangible Assets and Financial Assets
c.Inventory&emdash;the classification, valuation and the methods of their booking in the framework for Material, Merchandise and Manufactured Goods (Methods A, B)
d.Marketable Securities, Short-Term Financial Property Sources
e.Clearing with Business clients, Employees, Partners and State. Temporary accounts
f.The methods of booking in the field of Equity, Allowances and Long TermLiabilities
g.Expanses and Revenues&emdash;the classification and the methods of their booking
h.The methods of closing&emdash;the investigation of income (loss) for fiscal period, the net income distribution, the payment of loss
i.Accounting statements

Learning outcomes and competences:
Generic competences:
-ability to analyse and synthesize
-ability to apply knowledge
-ability to communicate with professionals in different field of study
-ability to work independently
-skilled at utilizing and processing information
-work in team

Specific competences:
-Ability to assess the impact of the economic transactions recording in the financial statements
-Ability to capture the business / economic transactions in the accounting system
-The ability of professional explanation and definition in the field of accounting and taxes.

Type of course unit:required
Year of study:Not applicable - the subject could be chosen at anytime during the course of the programme.
Work placement:There is no compulsory work placement in the course unit.
Recommended study modules:none
Assessment methods:Approximately after three or four weeks is verified understanding of the basis of double entry accounting by a written test (balance sheet, opening accounts, recording of economic transactions, closing of accounts, verification of duality of recording, closing accounts, recording of profit or loss, making of simplyfied statements). There is tolerated only one mistake with no impact on profit or loss. Credit is awarded upon successful solving of three short examples (similar to these solved in the exercises). Required is at least 65% correct answers.
 The course is completed by passing a written examination, which consists of two parts - part "examples" (usually three examples to the solution) and part "theory" two theoretical questions for answering - issues presented in lectures and from recommended literature sources). Successful completion of each section requires approximately 65% of correct answers (in the examples there is judged the relevance of errors - such as if error affects profit or loss, total assets, etc.). Weight of the examples in the overall rating is 55%.
Learning activities and study load (hours of study load)
Type of teaching methodDaily attendance
Direct teaching
     lecture28 h
     practice14 h
     preparation for exam68 h
     preparation for regular assessment30 h
Total140 h

Basic reading list
  • SCOTT, W R. Financial accounting theory. 4. vyd. Toronto: Pearson Prentice Hall, 2006. 472 p. ISBN 0-13-129491-1.
  • DANOS, P. -- IMHOFF, E A. Introduction to Financial Accounting. 2. vyd. Burr Ridge: Irwin, 1994. 19 p. ISBN 0-256-11416-1.
Recommended reading list
  • SVOBODA, P. The comparative analysis of the selected areas of the Czech accounting legislation and IAS/IFRS. In Mibes 2007. Larissa: TEI of Larissa, 2007, s. 100--105. ISBN 978-960-87764-7-0.
  • BOHUŠOVÁ, H. -- SVOBODA, P. The comparisson of selected areas of assets and liabilities in the czech accounting system and ifrs. IABE Annual Conference. Proceedings. 2008. v. V, no. 1, p. 95--102. ISSN 1932-7498.
  • BOHUŠOVÁ, H. -- SVOBODA, P. The revenues recording comparison. In BICABR 2006. Brno: Provozně ekonomická fakulta MZLU v Brně, 2006, s. 824--835. ISBN 80-7157-985-8.
  • Zakon c. 563/1991Sb., o ucetnictvi, v platnem zneni,