Introduction to Accounting, Financial Accounting
Study Board of BSc in Economics and Business Administration
Teaching language: English
EKA: B220025402
Censorship: Second examiner: None
Grading: 7-point grading scale
Offered in: Soenderborg
Offered in: Spring
Level: Bachelor
Course ID: B220025401
ECTS value: 5
Date of Approval: 16-09-2022
Duration: 1 semester
Course ID
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Recommended prerequisites
The course builds on parts of the courses in Microeconomics and in Entrepreneurship and Small Business Management. Therefore, a reasonable insight into the subjects covered in these courses is required.
Aim and purpose
Every organization needs insight into the economic consequences of decisions made. The economic portrait of organizational units, business areas and the company as a whole is a central part of the information that is utilized when making business plans.
In order to be able to use this information as well as make contributions to its creation in various situations the student needs to know the basic principles, models and methods that govern the structuring of a company’s accounting system. Accounting statements include various analyses for internal use in the company as well as the company’s financial report which is primarily used external stakeholders.
The educational training in the area of financial accounting shall provide knowledge and competences so the graduate is able to be part of a firm’s accounting/controllership functions, and can prepare use and analyze, at a qualified level, the information in financial statements.
Content
The course focuses on two main areas: The preparation and use of financial statements/annual reports (financial accounting).
Central themes are:
• External stakeholders’ demand for and use of accounting information.
• Principles and methods of recognizing and measuring a number of specific items related to the firm’s annual report.
Description of outcome - Knowledge
To fulfill the purposes of the course the student must be able to: Demonstrate a basic knowledge about the course focus areas enabling them to:
•Identify, describe and evaluate alternative accounting methods that might be used in specific situations in the annual reports, also involving considerations about relevance and reliability and management incentives.
•List and describe relevant concepts and definitions.
•Explain and relate concepts and definitions to specific economic decision problems.
•Identify, describe and evaluate alternative accounting methods that might be used in specific situations in the annual reports, also involving considerations about relevance and reliability and management incentives.
•List and describe relevant concepts and definitions.
•Explain and relate concepts and definitions to specific economic decision problems.
Description of outcome - Skills
Demonstrate skills, such that the student is able to:
•Initiate and make simple registrations in a bookkeeping system including such systems used in a production company.
•Use the bookkeeping system as a basis for the annual closing of the books and drawing up of an income statement and ending balance sheet.
•Calculate and demonstrate how the income statement and ending balance sheet is affected by various transactions and events.
•Initiate and make simple registrations in a bookkeeping system including such systems used in a production company.
•Use the bookkeeping system as a basis for the annual closing of the books and drawing up of an income statement and ending balance sheet.
•Calculate and demonstrate how the income statement and ending balance sheet is affected by various transactions and events.
Description of outcome - Competences
Demonstrate competences, such that the student is able to:
•Choose, describe and use appropriate accounting methods and models for specific items in the annual report; among others revenues, costs of goods sold, financial income and expenses, income taxes, fixed assets, inventories, equity and debt.
•Utilize various accounting calculations to prepare financial statements for the external stakeholders of the firm.
•Choose, describe and use appropriate accounting methods and models for specific items in the annual report; among others revenues, costs of goods sold, financial income and expenses, income taxes, fixed assets, inventories, equity and debt.
•Utilize various accounting calculations to prepare financial statements for the external stakeholders of the firm.
Literature
Literature examples:
• Harrison, Walter T.; Horngren, Charles T.; Thomas, C. William; Tietz, Wendy M.; Suwardy, Themin: Financial Accounting, Global Edition, latest edition, Pearson.
• Harrison, Walter T.; Horngren, Charles T.; Thomas, C. William; Tietz, Wendy M.; Suwardy, Themin: Financial Accounting, Global Edition, latest edition, Pearson.
Teaching Method
Classes are organized such that the teacher in lectures will support the student’s knowledge of main subjects from the course. The student’s understanding of the principles and methods and their skills in using them is supported by TA classes in which possible solutions to exercises, problems and cases related to the subjects dealt with in the weekly classes are discussed. Therefore, students should prepare, preferably in groups, solutions to the exercises, problems and minor cases for the TA classes.
Workload
Scheduled classes:
2 hours weekly classes for 15 weeks equally spread across the spring semester plus 2 hours student teacher’s assistant classes (TA classes) every second week throughout the semester.
Workload:
Student workload is estimated as follows:
Class hours:30 hours.
Preparation for classes: 43 hours.
TA classes: 14 hours.
Preparation for TA classes: 22.5 hours.
Preparation for exams: 23.5 hours.
Exams: 2 hours.
Total: 135 hours.
This corresponds to a weekly workload of 6.5 hours per week including the exam period.
Examination regulations
Exam
Name
Exam
Timing
Exam: June.
Reexam: August.
For students taking the course as a supplementary course after admission to the master's program the following applies:
The student must pass the exam no later than 6 months after commencing his/her studies
Tests
Exam
Name
Exam
Form of examination
Written in situ exam
Censorship
Second examiner: None
Grading
7-point grading scale
Identification
Student Identification Card - Exam number
Language
English
Duration
2 hours written exam.
Length
No limit.
Examination aids
All examination aids are allowed.
However with the following exceptions:
The internet may solely be used to access digital exam in order to access and download the exam questions, to retrieve and download the handed-out Excel-template and to hand-in your exam paper.
Aside from this the internet may not be used during the examination.
It is only allowed to work in Word or the Excel-template handed-out. The exam paper must be handed-in in PDF-format. The PDF file must be converted from the Word file and/or the Excel-template.
The exam paper will be rejected, and thus not graded, if not handed-in in PDF-format.
It is allowed to bring a pocket calculator.
It is not allowed to bring IPads/tablets/smartphones.
It is not allowed to communicate with others.
Assignment handover
Assignment is handed out via Digital Exam and in the Examination room.
Assignment handin
Digital submission via "Digital Exam".
ECTS value
5
Additional information
Internet access is solely used to access Digital Exam in order to submit the exam paper, and to retrieve and download the Excel-template to be used for the exam. Any other use of the internet is not allowed during the exam.
The exam consists of a number of problems/exercises intended to test, on a sample basis, the student’s understanding and skills in all subjects covered throughout the autumn.
The examination form for the re-exam is identical to the ordinary exam. If less than 10 students are signed up for the re-exam, the examination form will be changed to a 20minute oral exam without preparation.
EKA
B220025402
External comment
NOTE - This course is identical with the former course B220025101 Introduction to Financial Accounting (supplementary course for M.Sc. in Economics and Business Administration).
Used examination attempts in the former identical course will be transferred.
Courses that are identical with former courses that are passed according to applied rules cannot be retaken.
Courses offered
| Offer period | Offer type | Profile | Education | Semester |
|---|---|---|---|---|
| Spring 2023 | Mandatory | Supplering - alle byer / E19 - F20 - E20 - F21 - E21 - F22 - E22 | Bachelor of Science in Economics and Business Administration | Bachelor of Science (BSc) in Economics and Business Administration | Esbjerg, Soenderborg, Slagelse, Odense, Kolding | 2 | Spring 2023 | Exchange students |