Course outline
Course unit title
Name and title of lecturer
Level of course
Semester
ECTS credits
Working hours
Prerequisites
Language of instruction
Objectives of the course
Adjusted with the expected
learning outcomes
Accounting theory
Viktoras Filipavičius, Ph.D.
Cycle 1
3
5
Contact hours
48
lectures
24
seminars
classes
16
laboratory classes
consulting
8
Self-study
82
Total
130
Microeconomics, Business English
Lithuanian and English
Learning outcomes
Student knowledge, comprehension, skills
and abilities
Assessment methods
Activities where the learning
outcomes are demonstrated,
proved
Will comprehend accounting
as an information system and
will be able to use it in
making decisions on the
enterprise management.
Will know the basic accounting concepts,
regulations and principles.
Will be able to work independently with
information sources.
Will comprehend the calculation procedures of
assets, equity and liabilities, revenue and cost
structure, financial performance.
Will comprehend major economic activity
fundamentals
Will be able to make basic financial statements
Will be able to independently analyse and
evaluate the contents of the financial
statements.
Teaching methods
lectures
classes
discussions
case studies
The main goal of the course is to make students to be fluent in finance
reporting as well as be familiar with the basics of financial accounting
Course unit content
Topic
1.
Tests. Progress tests. Practical
classes.
Examination.
Contact hours
Typical economic activities of the company. Accounting
1
2
Self-study assignments
and hours
Read and solve problems:
incorporation into management cycle. Internal and external information
users. 4 questions accountant must answer while processing information
about entity’s transactions. Financial position of the company. The double
entry in accounting. The master equation in accounting. The definitions of
the assets, and claims.
2.
Journalizing the economic transactions of the sample company.
Preparing of elementary internal and external financial reports
3.
Symmetry in accounting and debit-credit rules. Journalizing the
economic transactions of the sample company. Particular assessment: find
unknown balance of one account in the trial Balance.
Horngren et al., ch.1
Ivanauskienė 2,3 sk.
2
2
Read and solve problems:
Horngren et al., ch.1&2
Ivanauskienė 2, 3 sk.
3
1
Read and solve problems:
Horngren et al., ch.2
Ivanauskienė 4 sk.
4
1
Read and solve problems:
Horngren et al., ch.1-3
Ivanauskienė, 8 sk.
2
3
Read and solve problems:
Horngren et al., appendix E
Ivanauskienė 4 sk.
2
1
Read and solve problems:
Horngren et al., ch.1-3
Ivanauskienė, 1-8 sk.
4.
Practicing working with T-accounts: various typical transactions
with deferrals and accruals. Student team competition for bonuses.
5.
Generally accepted accounting principles and harmonization with
IFRS issue. Quiz.
6.
MIDTERM EXAM 1 ON GENERAL ITEMS IN ACCOUNTING
THEORY
7.
General Journal-General Ledger accounting model. The compulsory
properties of the source documents. GL as the instrument “data/filter”.
Journalizing the economic transactions of the sample company. Trial
Balance. Adjustments. Internal reports. External reports – Lithuanian
extended Income statement and Balance sheet.
6
2
8.
Accounting for cash and means of cash control. Short-term
financial assets.
2
9.
Accounting for Accounts Receivable. Doubtful accounts, bad debts.
Fair value of Accounts Receivable. Control of Accounts Receivable.
Average cash collection period.
10.
Physical movement of the inventory in a trading and manufacturing
company. Accounting for inventory, its valuation by FIFO, LIFO, average,
gross profit methods.
11.
Tangible and intangible long-term assets. Goodwill. Typical
transactions of acquiring and disposal of long-term assets. Amortization,
depreciation, depletion, deterioration, obsolescence of the long-term
assets. Linear, accelerated depreciation, production method. Accumulated
depreciation (amortization).
12.
Accounting for long-term liabilities: accounting for loans, financial
2
8
Read and solve problems:
Horngren et al., ch. 3
Ivanauskienė, 6, 8 sk.
4
Read and solve problems:
Horngren et al., ch.4
Bukevičius et al., 5.7 sk.
2
Read and solve problems:
Horngren et al., ch.5
3
6
Read and solve problems:
Horngren et al., ch.6
Ivanauskienė 9.3-9.4 sk.
6
Read and solve problems:
Horngren et al., ch.7
Ivanauskienė 9.2 sk.
4
6
Read and solve problems:
4
lease, bonds,
Horngren et al., ch.8
Bukevičius et al., 6 sk.
13.
MIDTERM EXAM 2 ON CASH, ACCOUNTS RECEIVABLE,
INVENTORY VALUATION, FIXED ASSETS DEPRECIATION
ACCOUNTING
14. Cash flow statement. Direct and indirect methods of preparing of
cash flow statements. Practicing preparing indirect cash flow statement.
15.
Submit homework.
2
6
Horngren et al., ch.4-7
Ivanauskienė 9 sk.
Bukevičius et al., 5.7 sk.
4
8
Read and solve problems:
Horngren et al., ch.12
Ivanauskienė 10.5.3 sk.
VAS6, IAS7
16.
INTERIM EXAM ON EQUITY AND LONG-TERM
LIABILITIES ACCOUNTING
2
17.
6
Read and solve problems:
Horngren et al., ch.8&9
Ivanauskienė 2.3 sk.
Bukevičius et al., 6 sk.
8
Read and solve problems:
Horngren et al., ch.11-13
Ivanauskienė 10 sk.
FINAL EXAM
10
48
82
Reading list
Year of
publishing
2004
2006
2007
Author‘s name, title of the publication
Harrison W., Horngren Ch. Financial Accounting.
Ivanauskienė A. Buhalterinės apskaitos pagrindai.
Bukevičius J., Burkšaitienė D., Paliulis N., Žaptorius J. Apskaita
vadybininkams
Verslo apskaitos standartai: www.aat.lt
International accounting standards:
http://eurlex.europa.eu/LexUriServ/LexUriServ.do?uri=CONSLEG:2008R1126:
20111126:EN:PDF
Publishing House
Prentice Hall
Vilnius: “TEV”
Technika (el.versija)
Audito ir apskaitos
tarnyba
IASB
Additional reading
Year of
publishing
1993
2007
2012
2006
Author‘s name, title of the publication
Dauderis H Finansų apskaita (I ir II dalys).
Alexander D., Nobes C. Financial accounting. An international
introduction.
Rudžionienė K. Finansinės apskaitos teorijos.
Atrill P. and McLaney E. Accounting and Finance for Non-Specialists,
5th ed.
3
Publishing House
Kaunas: Pasaulio
lietuvių kultūros,
švietimo ir mokslo
centras
Prentice Hall
Vilnius:VUL
Prentice Hall
2010
Žaptorius J. Apskaita: pratimai ir testai.
Assessment requirements
Assessment criteria
The composition of final
cumulative mark
Course outline composed by
Approved by the Study Program
Committee
“Technika”
The midterms and homework are in written. Midterm assignments
are 50 percent approximately of multiple choice, and 50 percent are
problems. The duration of each midterm is 2 hours.
The final exam is in written. One assignment is of multiple-choice,
and remaining five are problems. The duration of the exam is 3
hours.
 Knowledge of the set of annual financial reports.
 Ability to prepare Income statement and Balance sheet for a
given Trial balance with approx. 20 account balances.
 Ability to extract relevant information from Income statement
and Balance sheet.
 Knowledge of the basic correspondence between accounts.
 Knowledge about the information flow in the accounting
system and its relevance to the management decisions.
Final cumulative mark = 15% * the 1st midterm + 15% * the 2nd
midterm + 15% * the 3rd midterm + 15% * homework + 40% *
the final exam
N.b.: students can gain bonuses for their midterms and the final
exam. The bonuses are granted for: attendance, extra assignments,
active participation in discussions and during classes. The bonus
impact, say, to the 1st midterm is as follows:
The final grade for the 1st midterm = Bonus +
+ (1 – Bonus/10) *Actual grade for the 1st
midterm
The same formula is applicable for remaining midterm 2 and 3, and
for exam.
The magnitude of the particular bonus is settled by the tutor.
Viktoras Filipavičius
4