lesson plan financial accounting
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Teaching guide for the course:
FINANCIAL ACCOUNTING I
Degree program: Degree in Business Administration and Management
Course 2012‐2013
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Teaching guide for the course "Financial Accounting I"
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Teaching guide for the course "Financial Accounting I"
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Teaching Guide
1. Information about the course
Name FINANCIAL ACCOUNTING
Subject ACCOUNTING
Module ACCOUNTING
Code 510101001
Degree awarded
Degree in Business Administration and Management
Study plan 2010
School School of Business
Type Mandatory
Academic term Annual Academic year First
Language English
ECTS 9 Hours / ECTS 25 Total workload (hours) 150
Hours for theoretical classes
First quarter: Monday (12‐14)/Friday (13‐14) Second quarter: Wednesday (12‐14)/Friday (12‐13)
Classroom 126
Schedule for practical classes
Location First floor
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Teaching guide for the course "Financial Accounting I"
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2. Information about the instructor
Instructor Carmelo Reverte Maya
Department Accounting and Finance
Area of knowledge Accounting and Finance
Office location Office 1.42 B (first floor)
Tel: 968325925 Fax: 968325782
E‐mail: Carmelo.Reverte@upct.es
URL / WEB www.upct.es/defyc/crm/index.html
Office hours / Tutorials To define
Location during tutorials Office
Academic title Assistant Professor in Accounting and Finance
Teaching experience More than 10 years in courses such as: Financial Accounting, Cost Accounting, Financial Auditing, Firm Valuation, etc.
Areas of Research Market‐based accounting research, Corporate Governance, Corporate Social Responsibility, Firm Valuation, International Accounting
Professional Experience
Other topics of interest
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Teaching guide for the course "Financial Accounting I"
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3. Description of the course
3.1. Presentation The subject Financial Accounting aims at introducing the student to the general aspects of the accounting language, getting to know the accounting problems concerning operations usually carried out by companies so as to elaborate reports that show the economic‐financial situation and the results of those operations.
3.2. Location on the study plan The course Financial Accounting I is an annual course that is offered during the first year of the Degree program in Business Administration and Management.
3.3. Description of the course. Adaptation to the professional profile Financial Accounting is the field of accounting related to the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders. Its main objective is the reporting of the financial position and performance of a firm through financial statements issued to external users.
3.4. How it relates to other courses Prerequisites and recommendations It is related to the rest of accounting courses, such as Financial Statement Analysis and Cost Accounting. There are no prerequisites.
3.5. Students with special needs Any student who has particular circumstances and may require special resources should let the professor know at the beginning of the quarter.
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Teaching guide for the course "Financial Accounting I"
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4. Skills
4.1. Specific skills to be gained through the course a) Identify and analyze the requirements and objectives of accounting information.
b) Get to know the users of accounting information and their informative needs.
c) Get to know the different elements that configure the economic and financing structure of a company: assets, liabilities and equity.
d) Get to know the principles of double entry as a basic foundation for accounting, as well as the main accounting books (Journal and Ledger).
e) Get to know the accounting cycle through its different stages, ending with the Annual Accounts.
f) Get to know the regulations that affect accounting information, especially the Spanish General Accounting Plan.
g) Get to know the elements of net income (revenues and expenses).
h) Get to know the accounting treatment related with the economic and financial structure of a company.
i) Get to know the concept of depreciation, as well as its economic and financial significance.
j) Understand and assimilate the conceptual framework of accounting.
k) Elaborate and interpret the annual accounts.
4.2. General / Transversal Skills INSTRUMENTAL SKILLS
G01 Ability to analyze and summarize G02 Ability to organize and plan G03 Oral and written communication in the native language G04 Oral and written communication in a foreign language G05 Knowledge of computer programs and skills related to the field of study G06 Ability to search for and analyze information from different sources G07 Ability to solve problems G08 Ability to make decisions
PERSONAL SKILLS G09 Ability to work as a team G10 Ability to work in an interdisciplinary team
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Teaching guide for the course "Financial Accounting I"
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G11 Ability to work in an international context G12 Developing skills in personal relationships G13 Ability to work in diverse and multicultural environments G14 Ability to critique and self‐critique G15 Ethical commitment at work G16 Work in stressful environments
SYSTEMIC SKILLS G17 Auto‐didactic skills G18 Ability to adapt to new situations G19 Creativity G20 Leadership G21 Initiative and entrepreneurial spirit G22 Quality driven G23 Sensitivity towards environmental and social issues
SKILLS FOR APPLICABILITY G24 Ability to put the knowledge into practice G25 Ability to search for information and do research G26 Design and management of projects G27 Ability to communicate economic issues
4.3. Specific skills related to the degree E01 Ability to manage and run a small company or organization, understanding
its competitive and institutional positioning and identifying its strengths and weaknesses E02 Ability to integrate in any functional area of a medium‐sized or large company or organization, and smoothly carry out any management task entrusted E03 Ability to evaluate the situation and the foreseeable evolution of the company based on the relevant records of information E04 Ability to issue consulting reports on specific situations of companies and markets E05 Ability to write up projects for the overall management or for the functional areas of the company E06 Ability to identify the sources of relevant economic information and its content in order to analyze and know the relevant economic environment for the company E07 Ability to understand the economic institutions as a result and to apply theoretical or formal representations of how the economy functions E08 Ability to derive relevant information from the data which is impossible for non‐professionals to know E09 Ability to regularly use information and communications technology in all professional tasks and activities E10 Ability to read and communicate in more than one language, especially in English E11 Ability to apply professional criteria based on the handling of technical instruments when analyzing problems E12 Ability to communicate fluently in their environment and work in a team
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Teaching guide for the course "Financial Accounting I"
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4.4. Results expected from the learning At the end of the course, students will be capable of:
1. Efficiently analyzing and using financial information in the decision‐making process, which involves knowing and using the various financial accounting tools.
2. Knowing the accounting treatment concerning operations usually carried out by companies, so as to elaborate reports that show the economic/financial situation and the results of those operations.
3. Being in charge of a company’s accounts, once they have studied the rest of related subjects in the curriculum.
5. Content
5.1. Content according to the study plan The subject Financial Accounting aims at introducing the student to the general aspects of the accounting language, getting to know the accounting problems concerning operations usually carried out by companies, so as to elaborate reports that show the economic‐financial situation and the results of those operations.
5.2. Theory: modules and didactic units
LESSON 1: CONCEPT OF ACCOUNTING
1.1. Concept and objectives of Financial Accounting
1.2. Users of the accounting information
1.3. Accounting classification
LESSON 2: THE ECONOMIC AND FINANCING STRUCTURE OF THE COMPANY
2.1. Accounting concept of equity
2.2. Components of the economic and financing structure 2.3. Average maturity period
2.4. The balance sheet
2.5. Types of financial balances
LESSON 3: ACCOUNTING REPRESENTATION: THE ACCOUNT AND THE ACCOUNTING BOOKS
3.1. The account as an instrument of representation and measurement
3.2. Technical terms of the accounts
3.3. Classification of the accounts and operating agreement
3.4. The double‐entry method
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Teaching guide for the course "Financial Accounting I"
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3.5. Accounting books: Journal and General Ledger
LESSON 4: THE ACCOUNTING CYCLE
4.1. Start of the accounting cycle: opening inventory and opening entry
4.2. Development of the accounting process: record of the accounting events and trial balances
4.3. Closing of the accounting period: accounting regularization and the closing entry
4.4. The financial statements
LESSON 5: REGULATION OF ACCOUNTING IN SPAIN: THE GENERAL ACCOUNTING PLAN 5.1. Accounting in Spain: applicable regulations
5.2. The General Accounting Plan (GAP)
5.3. Accounting principles in the GAP
5.4. Model for presenting the balance sheet in the GAP
LESSON 6: INCOME AND EXPENSES: THE COMPANY PERFORMANCE 6.1. Income: concept and classification
6.2. Expenses: concept and classification
6.3. Model of presentation of the profit and loss account in the GAP
6.4. Accounting of employee expenses
6.5. Introduction to value added tax (VAT)
LESSON 7: ACCOUNTING TREATMENT OF INVENTORY 7.1 Types of inventories: commercial companies and industrial companies
7.2 The speculative account of merchandise in the GAP
7.3 Valuation of stocks
7.3.1 Valuation of entries: transformed and non‐transformed stocks
7.3.2 Valuation of the cost of outflows: WAC and FIFO methods
7.4. VAT in business transactions: discounts, advances and returns
7.5. Accounting treatment of returnable packages and containers
7.6. Stock impairment
7.7. Accounting treatment of foreign currency
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Teaching guide for the course "Financial Accounting I"
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LESSON 8: ACCOUNTING TREATMENT OF CREDITORS AND DEBTORS FROM TRADE OPERATIONS 8.1 Receivable accounts
8.2 Doubtful accounts: systems for estimating insolvency
8.3 Trade receivables
8.3.1 The banking discount of bills
8.3.2 Collection management/negotiation of bills
8.3.3 Non‐payment of trade bills
8.4 Accounts payable
8.5 Accounting for differences in foreign currency in credits and debits
LESSON 9: ACCOUNTING TREATMENT OF FINANCIAL ACCOUNTS
9.1 Concept of financial accounts in the GAP
9.2 Accounting representation of the cash flow: cash flow in foreign currency
9.3 Accrual adjustments
LESSON 10: ACCOUNTING TREATMENT OF NON‐CURRENT ASSETS
10.1 Concept and classification of non‐current assets
10.2 Valuation of tangible non‐current assets
10.2.1 Initial valuation
10.2.2 Specific issues: Improvements/enhancements and capitalization of financial expenses
10.3 Intangible non‐current assets
10.4. Value corrections of non‐current assets: depreciation, impairment losses and irreversible losses
10.5. Disposal of non‐current assets
LESSON 11: THEORY OF ECONOMIC DEPRECIATION
11.1. Analysis of depreciation
11.2. Economic and financial meaning of depreciation
11.3. Basic elements of a depreciation plan
11.4. Methods for calculating the annual depreciation quota: constant vs variable quotas
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Teaching guide for the course "Financial Accounting I"
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LESSON 12: ACCOUNTING TREATMENT OF PERMANENT FINANCING
12.1. Concept of permanent financing in theGAP
12.2. Owners’ equity: concept
12.2.1 Capital
12.2.2 Reserves
12.2.3 Revenue pending allocation
12.3. Capital subsidies
12.4. Long‐term external resources: bank loans
12.5. Liability provisions
LESSON 13: THEORY OF NET INCOME
13.1. The company’s net income
13.2. Relativity of net income
13.3. Profit tax
5.3. Program of practical application
5.4. Program summarized in English (optional)
5.5. Detailed planning of the teaching units (optional)
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Teaching guide for the course "Financial Accounting I"
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6. Teaching methodology
6.1. Formative activities
Activity teacher’s duty student’s duty ECTS
In class: taking notes and asking questions 2.7 Theory classes
Presentations using the lesson’s method.
At home: study of the matter 3.3
In class: active participation in case study 1.5 Solving practical
cases
Students’ participation is fostered through case‐study in groups. At home: resolution of proposed cases 1.1
In class: clearing doubts at tutorial time 0.1
Tutorials Clearing theory doubts, practical case study and cooperative learning tasks.
At home: use of e‐mail or the virtual classroom to ask questions
0.1
Exams Written evaluation In class: attendance to official exam 0.2
Total: 9 ECTS
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Teaching guide for the course "Financial Accounting I"
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7.1. Evaluation techniques
Instruments Procedure / criteria Weight Generic skills (4.2) evaluated
Results (4.4) evaluated
Written exams
Two exams will be written during the course. The first one will consist of a partial exam (optional) after the first quarter which, if passed, will cancel the theory taught in that quarter. The second exam will take place at the end of the course. Both exams (partial and final) will consist of two parts: a theoretical part (test) and a practical part.
Theoretical part (test): 40% mark (eliminatory if a minimum note of 4 points isn’t achieved)
Practice part: 60 % remaining
G01, G02,G07,
G09 1,2,3
Student’s attendance and active participation in class
Personalized monitoring An extra 0,5 points (if any)
G10, G22 1,2,3
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Teaching guide for the course "Financial Accounting I"
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7.2. Control and follow‐up mechanisms
Attendance to class and active participation: An extra 0,5 points can be achieved by this concept. This will be considered provided that a minimum note of 4 points in the test is achieved.
Exam: a theoretical‐practical written test will be carried out, consisting of two parts: a test (weight: 40%) followed by working out a practical case on the subject (weight: 60%).
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Teaching guide for the course "Financial Accounting I"
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7.3. Expected results / learning activities / assessment of results (optional)
Results expected from the learning (4.4)
Theo
ry classes
Class exercises
Projects and
rep
orts
Test on theo
ry
Prob
lem solving
Class attend
ance
Group
project
Form
ative evalua
tion
1. Knowledge of the different basic techniques for performing a descriptive analysis of data
x x x x x x x x
2. Ability to collect, organize and analyze data from a descriptive point of view x x x x
3. Ability to make decisions based on analyzing the information x x x x x
4. Ability to work in a group, both on specific issues of the subject as well as on multidisciplinary issues
x x x
5. Ability to communicate the results and to draw up descriptive and quantitative types of technical reports
x x x x x x
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Teaching guide for the course "Financial Accounting I"
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8. Distribution of the student´s workload ON-CAMPUS ACTIVITIES
FIRST QUARTER
Conventional Non-conventional OFF-CAMPUS ACTIVITIES
Week
Topics or activities (visits, midterm
exam, etc.)
Theo
ry c
lass
es
P
robl
em s
olvi
ng
Labo
rato
ry
Com
pute
r lab
TOTA
L C
ON
VEN
TIO
NA
L
Gro
up p
roje
cts
Tuto
rials
Sem
inar
s
Vis
its
Form
ativ
e E
valu
atio
n
Eva
luat
ion
Pre
sent
atio
n of
pro
ject
s
TOTA
L N
ON
- CO
NVE
NTI
ON
AL
Stu
dy
Pro
ject
s / i
ndiv
idua
l rep
orts
Pro
ject
s / g
roup
repo
rts
TOTA
L O
FF-C
AM
PUS
TOTAL HOURS
DEL
IVER
AB
LES
1 Presentation, Topic 1 3 3 3 2 Topic 1 3 3 1 1 4 3 Topic 2 1 1 2 1 1 2 1 1 2 6 4 Topic 2 2 2 1 1 2 4 5 Topic 2 3 3 1 1 2 1 1 2 7 P.2 6 Topic 3 2 1 3 2 1 3 6 7 Topic 3 1 1 1 1 1 3 1 1 2 4 8 P.3 8 Topic 4 1 1 2 2 2 4 6 9 Topic 4 3 3 1 1 2 2 2 4 9 P.4
10 Topic 5 2 2 2 1 3 2 1 3 8 11 Topic 5 y 6 1 1 2 3 2 5 7 P.5 12 Topic 6 1 1 2 2 2 4 6 13 Topic 6 1 1 2 2 1 3 2 2 4 9 P.6 14 Topic 7 2 1 3 2 1 3 6
15 Review 2 2 1 1 1 3 3 2 5 10 P.7
Exams 8 8 8
Miscellaneous
TOTAL HOURS 22 13 35 9 7 2 18 33 18 3 54 107
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Teaching guide for the course "Financial Accounting I"
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ON-CAMPUS ACTIVITIES
SECOND QUARTER
Conventional Non-conventional OFF-CAMPUS ACTIVITIES
Semana
Topics or activities (visits, midterm
exam, etc.)
Theo
ry c
lass
es
P
robl
em s
olvi
ng
Labo
rato
ry
Com
pute
r lab
TOTA
L C
ON
VEN
TIO
NA
L
Gro
up p
roje
cts
Tuto
rials
Sem
inar
s
Vis
its
Form
ativ
e E
valu
atio
n
Eva
luat
ion
Pre
sent
atio
n of
pro
ject
s
TOTA
L N
ON
- CO
NVE
NTI
ON
AL
Stu
dy
Pro
ject
s / i
ndiv
idua
l rep
orts
Pro
ject
s / g
roup
repo
rts
TOTA
L O
FF-C
AM
PUS
TOTAL HOURS
DEL
IVER
AB
LES
1 Topic 7 2 1 3 2 1 3 6 2 Topic 7 1 2 3 1 1 2 2 1 3 8 P.7 3 Topic 8 1 1 2 1 1 2 1 3 6 4 Topic 8 1 1 2 1 1 2 1 3 6 5 Topic 8 1 2 3 1 1 2 4 2 2 4 11 P.8 6 Topic 9 2 1 3 2 1 3 6 7 Topic 9 1 1 1 1 2 4 2 2 4 9 P.9 8 Topic 10 2 1 3 2 1 3 6 9 Topic 10 2 2 1 1 2 1 3 6
10 Topic 10 3 3 1 1 2 2 2 4 9 P.10 11 Topic 11 1 1 2 1 1 2 2 4 7 P.11 12 Topic 12 2 1 3 2 1 3 6 13 Topic 12 1 2 3 2 2 4 7 P.12 14 Topic 13 1 2 3 2 2 4 7 P.13
15 Review 1 1 1 1 2 4 2 1 3 8
Exams 10 10 10
Miscellaneous
TOTAL HOURS 17 20 37 7 6 7 20 40 21 61 118
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Teaching guide for the course "Financial Accounting I"
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9. Resources and bibliography
9.1. Basic bibliography REVERTE, C., BASTIDA, F. y MADRID, A. (2011): INTRODUCTION TO FINANCIAL
ACCOUNTING (2007 SPANISH GENERAL ACCOUNTING PLAN). REY POMBO, JOSÉ (2008): CONTABILIDAD GENERAL, EDITORIAL PARANINFO. LEGISLATION
REAL DECRETO 1514/2007, DE 16 DE NOVIEMBRE, POR EL QUE SE APRUEBA EL PLAN GENERAL DE CONTABILIDAD. En inglés: http://www.icac.meh.es/Documentos/CONTABILIDAD/PGC%20Ingles.pdf
REAL DECRETO 1515/2007, DE 16 DE NOVIEMBRE, POR EL QUE SE APRUEBA EL PLAN
GENERAL DE CONTABILIDAD DE PEQUEÑAS Y MEDIANAS EMPRESAS Y LOS CRITERIOS CONTABLES ESPECÍFICOS PARA MICROEMPRESAS.
9.2. Additional bibliography WANDEN‐BERGHE LOZANO Y OTROS (2008): CONTABILIDAD FINANCIERA. NUEVO PLAN
GENERAL DE CONTABILIDAD Y DE PYMES, EDITORIAL PIRÁMIDE. CERVERA Y OTROS (2008): CONTABILIDAD FINANCIERA (ADAPTADA AL NUEVO PGC),
CENTRO DE ESTUDIOS FINANCIEROS.
9.3. Online resources and other resources http://moodle.upct.es/
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Teaching guide for the course "Financial Accounting I"
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