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20511. Financial Accounting I . Group 20

Subject

Name20511 - Financial Accounting I
Group Grup 20 ( Campus Digital )
Academic Year 2019-20
Credits6 credits
Period 1st semester
Language English
Titulació
  • Double Degree in Economics and Tourism (2015) - Second year
  • Double Degree in Business Administration and Tourism - Second year
  • Degree in Tourism - Second year

Lecturers

LecturerOffice hours for students
Start timeEnd timeDay of the weekStart dateEnd dateLocation/Building
José López Davidson
j.lopezj.lopez@uib.esuib.es
17:00h18:00h Friday 09/09/201930/06/2020 Despacho 09 - Arxiduc Lluis Salvador (preaviso via email)

Context

Accounting is an economic science that uses a specific methodology to identify, interpret, value and register economic facts, providing periodically financial statements to the users, that can be analysed to understand the situation and the possible evolution of the entity. This subject analyses the basis of companies accounting of the companies: the basic methodology, the accounting cycle and the preparation of annual accounts. Also, it studies accounting legislation, standards and rules and the interpretation, valuation, measurement and register, of the operations related to the commercial traffic of the companies. Students do not need previous knowledge of accounting, just some knowledge of economic language and business operations.

Subject skills are both generic and specific. They are described in the study plan of the degree and related to the analysis of a company, to economic and accounting management, to the ability to take decisions in this area, to work in a team, to adapt to new situations and to interpret data.

The language of instruction for this course will be English. Students taking this course will learn specific tourism-related vocabulary and develop both their productive and receptive skills in English, and therefore acquire further knowledge of the English language.

Requirements

Without specific requirements

Recommended

English requirements: B2 level according to CEFR

Skills

Specific

  • CE7. Learn how to collect, process, analyze and interpret (accounting) information and addressing issues through specific skills in the different tourist branches (such as accounting management of tourism enterprises)

General

  • CG2. Ability to apply technical and methodological knowledge in a professional manner integrating different fields of study related to tourism and have the skills to develop and defend arguments and solve problems in their field of study.

Basic

You may consult the basic competencies students will have to achieve by the end of the degree at the following address: http://www.uib.eu/study/grau/Basic-Competences-In-Bachelors-Degree-Studies/

Content

Thematic content

PART I FOUNDATIONS
UNIT 1. Enterprises and accounting information.

1.1. The economic activity, its agents and enterprises.

1.2. Economic and accounting information.

1.3. The users of accounting information.

1.4. The requirements of accounting information.

UNIT 2. Evolution of accounting

2.1. Importance of its study.

2.2. The empirical period.

2.3. Genesis of the double entry system.

2.4. The pre-scientific period.

2.5. The scientific period.

UNIT 3. Accounting: concept, classification and method.

3.1. Concept of financial accounting.

3.2. Accounting disciplines.

3.3. Accounting method of financial accounting.

PART II THE BASIC ACCOUNTING MODEL
UNIT 4. Wealth and income.

4.1. The company in the economic system.

4.2. The concepts of wealth and income.

4.3. Wealth components and balance sheet.

4.4. Composition of income and income statement or profit and loss account.

UNIT 5. The Dual Aspect Convention.

5.1. The final aggregation without the accounting method.

5.2. Accounting facts.

5.3. The dual aspect convention.

5.4. Analysing economics transactions with the dual aspect convention.

UNIT 6. Accounting registration: the account and accounting records.

6.1.Bookkeeping records and double-entry bookkeeping: Daybook or Journal and General ledger.

6.2. General Journal or Daybook

6.3. Posting transactions to the General Ledger.

6.4. The accounting cycle: preparing financial statements.

UNIT 7. Preparation of annual accounts.

7.1. Inventories and Annual Accounts Book.

7.2. The accounting cycle.

7.3. Previous operations before the annual closing of accounts. Value adjustments and amortisation.

7.4. Preparation of financial statements and annual closing of accounts: the closing entries.

7.5. The complete accounting cycle

PART III ACCOUNTING LEGISLATION
UNIT 8. General accounting legislation and accounting standardization

8.1. Introduction.

8.2. Commercial and civil legislation.

8.3. Legislation governing accounting books.

8.4. Tax legislation.

8.5. Accounting Standardization

UNIT 9. Accounting standardization in Spain.

9.1. The Spanish accounting system.

9.2. The 1973 and 1990 General Accounting Plans.

9.3. The 2007 General Accounting Plan.

9.4. Chart of accounts and its relation to the accounting basic model.

UNIT 10. The conceptual framework in Spanish General Accounting Plan.

10.1 . Introduction.

10.2. The conceptual framework.

10.3. Annual accounts. True and fair view.

10.4. Requirements of the information to include in the annual accounts.

10.5. Accounting principles.

10.6. Elements of financial statements.

10.7. Criteria for recognition and measurement of elements in financial statements.

PART IV OPERATIONS RELATED TO COMMERCIAL TRAFFIC OF THE COMPANY
UNIT 11. Stocks, purchases and sales (I)

11.1. Introduction.

11.2. Applicable accounts and valuation rules, according to the general accounting plan.

11.3. Determining the value of purchases and recording them.

11.4. Determining the value of sales and recording them.

11.5. Recording value added tax (VAT)

UNIT 12. Stocks, purchases and sales (II).

12.1. Stock of goods.

12.2. Stock valuation and control method.

12.3. Value adjustments.

12.4. Other products different from merchandises

UNIT 13. Others Creditors and debtors of commercial operations.

13.1. Personnel expenses

13.2. Accrual basis of accounting and accrued revenues and expenses.

Teaching methodology

The methodology includes a series of procedures:

- Theoretical lectures and practical classes which will take place in large group classes.

- Practical classes in medium groups.

- Partial and final exams.

Attended activities (2,4 credits, 60 hours)

TypeNameG. typeDescriptionHours
Theory classes Theoretical classes Large group (G)

Lectures based on theoretical contents with practical examples.

31
Practical classes Practical classes Medium group (M)

Exercises and problem solving

25
Assessment Partial exam Medium group (M)

Partial Examination (in early November). Units 1 to 7. It includes a a theoretical part and an exercise.It?s recoverable. It counts for 50 % of the total mark. In order to pass the course a minimum of 4 must be obtained in each part.

2
Assessment Final exam Large group (G)

Final Examination. Units 8 to 13. It includes a theoretical part and an exercise. It?s recoverable. It counts for 50 % of the total mark. In order to pass the course a minimum of 4 must be obtained in each part.

2

At the beginning of the semester the subject schedule will be available to students through the UIBdigital platform. This schedule will at least include the dates for the continuous assessment exams and assignment deadlines. Furthermore, the lecturer will inform students as to whether the subject syllabus will be carried out according to the schedule or otherwise, including Aula Digital.

Non-attended activities (3,6 credits, 90 hours)

TypeNameDescriptionHours
Individual self-study Autonomous work

The autonomous work of the students implies the study of theoretical content, the solution of practical exercises and preparation for the exams.

90

Specific risks and protective measures

The learning activities of this course do not entail specific health or safety risks for the students and therefore no special protective measures are needed.

Student learning assessment

It consists of:

- A partial

- A final exam

Those students that have not taken the partial exam in November, will be able to retake it at the end of the term (at the same time as the final exam), only when the reason for not taking it when scheduled is one of the following: 1). Student has been in hospital or on sick leave during those dates; 2). Death of a relative up to second grade; 3). Participation of the student as a trial witness or accused in court case, held on the same date as the evaluation activity was scheduled; 4) Participation in an Erasmus program

In accordance with article 33 of the Academic Regulations, "regardless of the disciplinary procedure that may be followed against the offending student , the demonstrably fraudulent performance of any of the evaluation elements included in the teaching guides of the subjects will lead, at the discretion of the teacher, to an undervaluation in the qualification that may suppose the qualification of "suspense 0" in the annual evaluation of the subject".

Partial exam
Type Assessment
Technique Objective tests ( retrievable )
Description

Partial Examination (in early November). Units 1 to 7. It includes a a theoretical part and an exercise.It?s recoverable. It counts for 50 % of the total mark. In order to pass the course a minimum of 4 must be obtained in each part.

Assessment criteria

Partial Examination (in early November). Units 1 to 7. It includes a theoretical part and an exercise. It?s recoverable. It counts for 50 % of the total mark. In order to pass the course a minimum of 4 must be obtained in each part.

Final grade percentage: 50% with minimum grade 4

Final exam
Type Assessment
Technique Objective tests ( retrievable )
Description

Final Examination. Units 8 to 13. It includes a theoretical part and an exercise. It?s recoverable. It counts for 50 % of the total mark. In order to pass the course a minimum of 4 must be obtained in each part.

Assessment criteria

Final Examination. Units 8 to 13. Theoretical part and an exercise. It?s recoverable. It counts for 50 % of the total mark. In order to pass the course a minimum of 4 must be obtained in each part.

Final grade percentage: 50% with minimum grade 4

Resources, bibliography and additional documentation

Basic bibliography

HORRACH, P., SOCIAS, A. et al (2014). Financial Accounting. The basis of the accounting cycle and the Spanish General Accounting Plan.Ediciones Pirámide.
SPANISH GENERAL ACCOUNTING PLAN. ENGLISH VERSION

Additional bibliography

HORNGREN, SUNDEM, ELLIOT AND PHILBRICK (2006). Introduction to financial Accounting. Pearson Prentice Hall