CREDITS 2 (LV) 3 (ECTS) - 30 Contact Hours

Being the continuation of Business Accounting, this course provides further knowledge in Financial Accounting, as well as the first insight into Management Accounting being key in the day-to-day business life. The course starts with the revision of the conceptual framework of accounting and the preparation of financial statements. The course further develops the aspect of analyses of the financial statements by adding the third financial statement- the cash flow statement as well as ratio analysis. The second part of the course introduces the internal focus of accounting- management accounting. The main aspect of the management accounting: costing and budgeting are in focus of the second part of the course. The two parts of the course are divided by the mid-term exam.
The course contains lectures and seminars. The lectures cover the theoretical material and are followed by practical seminars when the problems are solved and solutions discussed and analysed.
To prepare for the upcoming seminar, students need to read the chapters stated in the course outline. The lecture readings are stated in the course outline of this course. During this course, we will combine both theory and problem solving to ensure the best grade during the exam. Whatever career path students might be willing to choose knowledge obtained in this course will make them sophisticated users of financial information equipped for the decision-making process.