Accounting

Syllabus

1. Accounting as a source of economic information with confirmatory and predictive value Basic categories used in accounting (assets, liabilities, equity, costs, revenues) their economic definition and use in making decisions about the future and assessing the past. Users of accounting information and their typical requirements for its content and quality. Assessment of the wealth of the enterprise and its changes as a result of real transactions and other facts. Comparability of accounting information and its impact on the creation of accounting regulations. 2. Valuation of assets and liabilities and its general impact on accounting information The importance of valuation in assessing achieved results and making decisions for the future. Linking basic accounting categories to cash flows. Valuation based on input and output prices. Use of market prices, models taking into account discounted cash flows from continuing use and models taking into account planned depreciation. Allocation of valuation in the case of common input or output prices. Procedure in the case of non-monetary and deferred payments. 3. Accounting regulatory framework International (IFRS) and national (SR, CR, US GAAP) accounting regulations - their impact on the comparability of accounting information and on the costs of providing accounting information. The scope of accounting information required by users and its impact on the typical organization of the accounting system. The cycle of accounting information creation: accounting cases including transactions and other facts, accounting entries, accounting books and financial statements. The need for aggregation and confidentiality of records as the reason for the creation of financial statements. Framework content of financial statements. 4. Legal regulation of accounting in the SR Framework role of the Accounting Act and measures of the Ministry of Finance of the SR and the areas they address. The relationship of accounting to other laws (Bankruptcy and Restructuring Act, Commercial Code, Income Tax Act, Criminal Code). Accounting unit and responsibilities of persons entrusted with its administration and management in the field of accounting. Accounting units focused on achieving profit and other accounting units. The importance of verifying financial statements. 5. Content and structure of financial statements Breakdown of financial statements from various aspects (time, regularity, size criteria, by industry, number of accounting units included in the statement). General structure of financial statements and its components. The need to distinguish between equity and liabilities and distinguish between non-current and current liabilities and non-current and current assets. Open sources of data on financial statements in the Slovak Republic and the USA. 6. The principle of double-entry accounting and its use The general ledger as a part of accounting books, account and double entry of accounting entries. Use of double-entry accounting and the balance equation as control elements of accounting. Basic principles of opening accounts, examples of current accounting and basic principles of closing accounts. 7. Formal and technical aspects of accounting I Accounting documentation, its content, requirements and requirements for its maintenance and archiving. Examples of business documentation (quotes, orders, cash documents, invoices, current account statement, inventory and warehouse cards) and their relationship to economic activity and the operating cycle of the enterprise. Digitalization and automation of accounting. 8. Formal and technical aspects of accounting II Confirmation of receivables and payables. Correction of errors. Inventory, its content, requirements for its implementation and its use as an accounting control tool. Trial balance, its content, use as a tool for checking duplication and illustrative compilation based on selected data. 9. General requirements for accounting information Definition of the principles of fair presentation of the financial position and performance of the accounting entity, relevance, comparability, understandability, timeliness, materiality, priority of content over form, continued operation of the accounting entity, accruals, prudence, consistency and verifiability. Illustration of the impact of their use and absence of application on the decision-making of stakeholders 10. Economic activity of the enterprise and its framework representation in accounting I Economic activity of the enterprise, operating cycle of the enterprise and their relationship to accounting. Basic indicators evaluating the activity of the enterprise. Transactions and facts (including changes in valuation) affecting and not affecting the result of the economy. Transactions and facts (including changes in valuation) affecting and not affecting the indebtedness and the immediate ability of the enterprise to settle its obligations. 11. Economic activity of the enterprise and its general representation in accounting II A general description of the following typical transactions and facts and their impact on the total (or individual) items of the balance sheet and profit and loss statement: purchase, consumption, sale, settlement relations with suppliers, customers and employees. 12. Economic activity of the enterprise and its general representation in accounting III A general description of the following typical transactions and facts and their impact on the total (or individual) items of the balance sheet and the profit and loss account: depreciation, extraordinary reduction in value, revaluation, establishment of a business, financing through loans and borrowings, relationship to the state. 13. Comparison of financial statements of micro-accounting units, small accounting units and large accounting units.