Universitat Internacional de Catalunya
Financial Accounting
Other languages of instruction: English, Spanish
If the student is enrolled for the English track then classes for that subject will be taught in the same language.
Teaching staff
Tutorials should be requested by email: yabdi@uic.es
Introduction
The first part of the course is an introduction to accounting and basic results which will enable the student to understand accounting and to master the science of methodology and procedures. Despite the fact that accounting rules could change over time and could be different in different countries , there are some rules and principles that remain unchanged. These will be the object of study in this course, which will lay the foundation for the understanding of the other disciplines of accounting that will be studied at a later date. After studying the fundamentals, methodology and accounting procedures the second part of the course consists of the study of current accounting laws, IFRS.
Pre-course requirements
No previous knowledge of accounting is required.
Objectives
- To understand the fundamental principles of accounting and accounting methodology and to master the technical and financial tools.
- To assess basic economic transactions carried out an economic unit.
- Knowledge of accounting standards that refer to the accounting of the economic events of the company and their impact on the balance sheet and the income statement.
- Thorough knowledge of the General Accounting Principles and valuation rules fron an International perspective.
- Development of the accounting cycle.
- To process and interpret basic financial statements: balance sheet and income statement
Competences/Learning outcomes of the degree programme
- 01 - To be familiar with, understand and apply the methods, techniques and instruments specific to accounting.
- 02 - To be familiar with and know how to interpret and apply current accounting standards.
- 03 - To select and adequately apply applicable accounting alternatives.
- 04 - To understand and know how to use financial terms within a business framework.
- 05 - To understand the functions of corporate finance departments.
- 06 - To know how to apply the main policies for capital structure and asset management.
- 31 - To develop the ability to identify and interpret numerical data.
- 32 - To acquire problem solving skills based on quantitative and qualitative information.
- 50 - To acquire the ability to relate concepts, analyse and synthesise.
- 51 - To develop decision making skills.
- 52 - To develop interpersonal skills and the ability to work as part of a team.
- 53 - To acquire the skills necessary to learn autonomously.
- 54 - To be able to express one’s ideas and formulate arguments in a logical and coherent way, both verbally and in writing.
- 59 - To skilfully use software and ICTs.
Learning outcomes of the subject
- The ability to apply concepts related to accounting.
- The ability to use tools related to the activities of the area.
- The ability to work independently and manage time.
- The ability to perform work on specific aspects of accounting and present it in a clear and understandable way.
- The ability to perform accounting and financial analysis from the available information and use it in making decisions.
- To understand and be willing to respect the rules of the profession.
Syllabus
Topic 1. Accounting and Information Systems
The economic environment and the need for information. Accounting concept. Users of accounting information. Accounting information systems. Requirements of accounting information. Accounting Division. The international accounting regulation: IFRS and USGAAP. The legal regulation of accounting in Spain: The Spanish General Accounting Plan.
Topic 2. The Balance Sheet: economic and financial structure of the company. Wealth or assets of the company: variations. Assets and liabilities. A balanced situation as a means of expressing a balanced patrimony.
Topic 3. Methodology and instruments accounting representation. The accounting method: principle of duality. Measurement and accounting valuation. Instruments of representation: the account ledgers.
Topic 4. Study of basic accounting major economic transactions:
4.1-Fixed assets: acquisition, depreciation and drop in value.
4.2-Inventories, trade payables and receivables.
4.3 Trade and non-trade receivables. Financial assets and liabilities.
Topic 5. Income statement. Structure of the income statement. Result type.
Topic 6. The accounting cycle. Concept and phases of the accounting cycle. Opening. Development. Accounting adjustments. Determination of the profit. Closing accounts. Preparation of the financial statements.
Topic 7. Non Current Assets. Tangible and Intangible Assets, Finance and Operating Leases.
Topic 8. Financial Instrument: Financial assets and financial liabilities. Valuation rules, registration and accounting treatment.
Topic 9. Inventories. Valuation rules, registration and accounting treatment.
Topic 10. Trade receivables and VAT. Trade bills recording: discount, doubtful trade bills, VAT liquidation.
Topic 11. Personnel expenses. Personnel expenses registration, liquidation of the obligations with the National Agencies, salary advances
Topic 12. Provisions and contingencies. Valuation rules, registration and accounting treatment.
Teaching and learning activities
In person
The course consists of theoretical sessions in which the concepts necessary for the fulfillment of the course objectives will be presented. These sessions will be complemented with practical sessions spanning most of the time in the classroom. It is particularly important that students do the necessary work before class so that they can participate actively. Students should be able to participate in a discussion forum about the interpretation of the results. Training activities:
- magister class
- classroom practice (solving problems/videos/text comments/essays)
- Class quizzes
- individual study
- Accounting project using accounting software
- report presentations
Evaluation systems and criteria
In person
- 1. Regular evaluation.
Continuous evaluation (60% of the final grade):
- Midterm exam 30% (unrecoverable).
- Hand in of exercises, class quizzes, and class participation 15% (unrecoverable).
- Obligatory presentation of the final project 15% (unrecoverable)
Final evaluation (40% of the final grade) It is necessary to have at least 80% of attendance to be able to take the final exam. Students with attendance below 80% will not be able to take the final exam and, therefore, to pass the course:
- Final exam 40%. It is necessary to pass the exam in order to make the final assessment on the average continuous evaluation (recoverable).
- 2. Extraordinary evaluation and Re-take exam.
The re-take exam will take place in June, dates will be announced by the secretary of the faculty. The retake grade will be the result of:
Continuous evaluation (30% of the grade). We will maintain the grades of the continuous evaluation as explained above
- Hand in of exercises, class quizzes and class participation 15% (unrecoverable).
- Obligatory presentation of the final project 20% (unrecoverable)
Retake exam (70% of the grade) It is necessary to pass the exam ( mínimum grade: 5) in order to make the final assessment on the average continuous evaluation
All exams will be on campus. In case that it was not possible, the exam can be either written or oral, depending on the situation
Bibliography and resources
- ACCOUNTING PRINCIPLES. Weygandt, Kimmel and Kieso. 12th edition Ed Wiley
- STICKNEY, WEIL, SHIPPER and FRANCIS. "FINANCIAL ACCOUNTING. AN INTRODUCTION TO CONCEPTS, METHODS AND ISSUES". South-Western Cengage Learning. 13th Edition. 2010.
- MALLO, Carlos; PULIDO, Antonio. CONTABILIDAD FINANCIERA: Un enfoque actual. Ed.Paraninfo, 2008.
- AMAT, Oriol et al. "NUEVO PGC Y PGC PYMES: UN ANÁLISIS PRÁCTICO Y A FONDO".Bresca Editorial, S.L, 2008.