Study Guide

Objective

The student is able to explain the essential content and tasks of financial accounting. The student is able to apply the basic principles of bookkeeping and the preparation of financial statements. Using valid sources of information, the student is able to find and apply information pertaining financial accounting and the preparation of financial statements. The student is able to recognize and analyze business transactions concerning owners' equity in a corporation and is able to record these transactions in a company's accounts.

The student is able to outline and recognize how a company's business transactions and book entries affect a company's performance and financial status. The student is able to prepare an income statement and a balance sheet based on the information from a company's ledger and, based on these, is able to form an opinion on a company's performance and financial status. The student is able to utilize financial information in decision making. The student is able to explain the connection between financial accounting and taxation.

Content

- Tasks of financial accounting and especially of financial statements, use of financial statements
- Fundamentals of financial accounting and preparation of financial statements
- Book entries regarding owners' equity
- Financial statement documents (balance sheet, income statement, notes to the financial statements) and analyzing thereof
- Relationship between financial accounting and taxation

Evaluation scale

1-5

Assessment criteria, satisfactory (1)

The student is able to explain the essential content and tasks of financial accounting. The student is able to apply the basic principles of bookkeeping and the preparation of financial statements. Using given sources of information, the student is able to find and apply information pertaining financial accounting and the preparation of financial statements. The student is able to recognize and analyze business transactions concerning owners? equity and is able to record these transactions in a company?s accounts.

The student is able to outline, how a company?s business transactions and book entries affect a company?s performance and financial status. The student is able to prepare an income statement and a balance sheet based on the information from a company?s ledger and, based on these, is able to form an opinion on a company?s performance and financial status. The student is able to explain the connection between financial accounting and taxation.
The student is familiar with English vocabulary of the field and is able to read articles in English. The student is able to explain, how financial accounting is international and how international practices affect our local accounting practices.
The student takes part in class room work and discussions. The student takes part in group work and is a supportive member of a team.

Assessment criteria, good (3)

The student is able to explain the essential content and tasks of financial accounting. The student is able to apply the basic principles of bookkeeping and the preparation of financial statements. Using given sources of information, the student is able to find and apply information pertaining financial accounting and the preparation of financial statements. The student is able to recognize and analyze business transactions concerning owners? equity and is able to record these transactions in a company?s accounts.
The student is able to outline, how a company?s business transactions and book entries affect a company?s performance and financial status. The student is able to prepare an income statement and a balance sheet based on the information from a company?s ledger and, based on these, is able to form an opinion on a company?s performance and financial status. The student is able to explain the connection between financial accounting and taxation.
The student is familiar with English vocabulary of the field and is able to read articles in English. The student is able to explain, how financial accounting is international and how international practices affect our local accounting practices.
For the most part, the student takes actively part in class room work and discussions. The student is an active member in group work and is a supportive member of a team.

Assessment criteria, excellent (5)

The student is able to explain the essential content and tasks of financial accounting. The student is able to apply the basic principles of bookkeeping and the preparation of financial statements. Using valid sources of information, the student is able to find and apply information pertaining financial accounting and the preparation of financial statements. The student is able to recognize and analyze business transactions concerning owners? equity and is able to record these transactions in a company?s accounts.
The student is able to outline and recognize how a company?s business transactions and book entries affect a company?s performance and financial status. The student is able to prepare an income statement and a balance sheet based on the information from a company?s ledger and, based on these, is able to form an opinion on a company?s performance and financial status. The student is able to utilize financial information in decision making. The student is able to explain the connection between financial accounting and taxation.
The student is familiar with English vocabulary of the field and is able to read articles in English. The student is able to explain, how financial accounting is international and how international practices affect our local accounting practices.
The student takes actively part in class room work and discussions. The student is an active member in group work and is a supportive member of a team.

Qualifications

Basics of Accounting