Details - Tematika

Basics of Accounting (MAGABAN-BASACCOU-1)

Basic data

Name and type of the study programme

Business administration and management, undergraduate program

Curriculum

2024

Classes / consultation hours

1 + 2 + 0 (L+S+Labs)

Credits

5 credits

Theory – Practice

Theory: 33%, Practice: 67%

Recommended semester

Semester 2

Study mode

full-time

Prerequisites

Evaluation type

Colloquium

Course category

Compulsory

Language

English

Instructors

Responsible instructor

Tangl Anita Dr.

Responsible department

Pénzügy és Számviteli Tanszék

Instructor(s)

Hajnal Zsófia, Tangl Anita Dr.

Checked by

Kálmán Botond Géza

Course objectives

The aim of the subject to navigate the students confidently in the language of business life. To be familiar to its set of concepts, within this to adapt in a practice-oriented manner to the Accounting system. Based on the study system of basic concepts and connections related to accounting and bookkeeping, to master the theoretical and methodological foundations and procedures related to the accounting of economic events related to the property, financial and income situation of business organizations.

Course content

Lectures

1. The benefits of accounting knowledge, presentation of accounting specialties. 2. Balance sheet: a snapshot of the financial situation. The principle of balance sheet reconciliation. Classification of assets. libailities and Owner's Equity 3. Effect of asset changes on the balance sheet. The effect of economic events on the result. The accounting system for value added tax in accounting. 4. Valuation methods 5. Revenue, income, expense, cost categories 6. The income statement, income categories 7. Recording economic transactions in accounting. Accounting methodology – introduction to double-entry bookkeeping. Bookkeeping on asset and liability accounts. 8. Accounting and valuation of tangible assets, depreciation calculation methods. 9. The concept, groups, accounting methods of inventory. Valuation of inventories: FIFO, LIFO, average price. 10. Types of liabilities. Payroll. 11. Main groups of receivables. Accounts receivable and other receivables 12. Full accounting cycle – business year – processes. Opening of accounting records, data recording and closing entries. 13. Use of accounting data. Introduction to the analysis of the financial report.

Seminars

1. The accounting workflow. 2. Classification of assets, preparation of a balance sheet. 3. Basic economic transactions. Value added tax in accounting. 4. Valuation of long term and current assets. 5. Revenue, income, expense, cost categories by transactions. 6. Preparing income statement, income categories calculations 7. Recording economic transactions in accounting. Double-entry bookkeeping practice. Bookkeeping on debit and credit accounts. 8. Accounting and valuation of tangible assets, depreciation calculation methods. 9. Accounting methods of inventory. Practice FIFO, LIFO, average price valuation system. Gross profit calculation. 10. Types of liabilities. Payroll calculation and journal entries. 11. Accounts receivable and other receivables journal entry. 12. Opening of accounting ledger accounts, data recording and closing entries on ledger accounts. 13. Ratio and trend analysis of financial reports.

Acquired competences

Knowledge

-Has knowledge of the basic, comprehensive concepts, theories, facts, national economic and international contexts of economics, relevant economic actors, functions and processes. - Knows the rules and ethical standards of cooperation in projects, teams and work organizations, project management. - Knows and understands the basic principles and methods of managing, organizing and operating business processes, the methodology of analyzing business processes, the methodological foundations of decision-making and decision support.

Skills

- Using the learned theories and methods, he/she explores, systemsatizes and analyzes facts and fundamental relationships, formulates independent conclusions and critical observations, prepares decision-preparatory proposals, and makes decisions in routine and partly unknown - domestic and international - environments. - Participates in projects and group task solving, and after acquiring practical knowledge and experience, leads, organizes, evaluates and controls the activities as a leader. - Presents the professionally formulated professional proposal and position from a conceptual and theoretical point of view orally and in writing, in Hungarian and foreign languages, according to the rules of professional communication.

Attitude

- Responsive to new information, new professional knowledge and methodologies, open to taking on new, independent and collaborative tasks and responsibilities. Strives to develop his/her knowledge and working relationships, and to cooperate with his/her colleagues in this - Open to changes in the broader economic and social environment of the given job, work organization, and enterprise, strives to follow and understand the changes. - Strives for lifelong learning in and outside the world of work.

Autonomy and responsibilities

- Under general professional supervision, independently performs and organizes the tasks specified in the job description. - Takes responsibility for his/her analyses, conclusions and decisions. - Takes responsibility for compliance with professional, legal and ethical norms and rules related to his/her work and conduct.

Requirements, evaluation and grading

Mid-term study requirements

The condition for admission to the exam is the successful completion of two midterm exams (50-50% separately) during the semester. There is a retake possibility on the last week of semester

Exam requirements

There is the offered grade possibility based on the two midterm exam results. During the lectures there the students can earn extra points. At one leture the maximum extra point is 2 points; 1 good answer is 0.5 point. The formation of the grade in %: 86 - 100% excellent (5) 76 - 85% good (4) 61 - 75% average (3) 50 - 60% sufficient (2) - 49% insufficient (1)

Generative AI usage

Use of GAI tools is not permitted for solving assignments. This means GAI tools cannot be used to complete formative or summative assessments, and using GAI constitutes academic misconduct. The use of AI tools for spelling and grammar checking does not fall under this prohibition.

Study aids, laboratory background

The course material are on the e-learning system.

Readings

Compulsory readings

1. Corporate Finance Institute: Accounting (free download) https://corporatefinanceinstitute.com/resources/ebooks/principles-accounting-book-pdf/ 2. Principles of Accounting, Volume 1: Financial, AccountingOpenstax, 2019, (free download) https://openstax.org/details/books/principles-financial-accounting 3. https://e-learning.nje.hu/