Course for international guest/part time students
- Faculty
- Faculty of Economics
- Organization
- GTK Department of Finance and Accounting
- Code
- GTI24AN104EN
- Title
- Accounting I.
- Usual semester
- Autumn
- Published semester
- 2024/25/2
- ECTS
- 6
- Language
- en
- Learning outcomes
- Objectives and description of the course This is a first introductory course in accounting for students with no previous background in accounting or business. The primary objective of the course is to develop the students’ understanding and knowledge of the underlying principles and concepts relating to financial accounting including the double-entry bookkeeping system and the preparation of basic financial statements. A specific aim is to use financial accounting information for decision-making purposes and to evaluate the financial position and performance of business entities. Learning outcomes: On succcesful completion of the course, students should be able to: Understand the fundamental principles of accounting, including the objective of financial reporting and the elements of financial statements. Explain the accounting equation, the duality concept, and the process of double-entry bookkeeping as applied to recording business transactions. Summarize the regulatory framework governing financial reporting and its impact on the preparation and presentation of financial statements. Compare different inventory valuation methods (FIFO, AVCO, specific valuation) and assess their implications for financial reporting. Solve problems related to the valuation of inventories, including year-end adjustments using the lower of cost or net realizable value (NRV). Apply concepts related to non-current assets, including capitalization, depreciation, amortization, and disposal, in practical accounting scenarios. Complete the preparation of comprehensive financial statements for limited liability companies, including the Statement of Cash Flows, incorporating corporate income tax accounting. Links to sustainable development goals On successful completion of this course, students should be able to connect topics taught to the SDGs: Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all (SDG 4) Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all (SDG 8) Strengthen the means of implementation and revitalize the global partnership for sustainable development (SDG 17)
- Course content
- Introduction into Accounting, The regulatory framework of accounting, the content of the annual report, financial statements Sources, records and books of prime entry Accounting conventions, dual nature of economic transactions Ledger accounts and double entry From trial balance to financial statements Inventory valuation (recognition of inventory, lower of cost and NRV, FIFO, AVCO) Sales tax and other taxes Tangible non-current assets (initial recognition, depreciation, disposal) Accruals and prepayments Provisions and contingencies, events after the reporting period Irrecoverable debts and allowances Preparation of financial statements of companies Cash Flow Statement Financial Statement analysis
- Assessment method
- Grades offered during the semester: 60-69% satisfactory, 70-84% good, 85-100% excellent Examination grade: 50-54% pass, 55-69%, satisfactory, 70-84% good, 85-100% excellent The current assessment and evaluation requirements of the ELTE GTK apply, which can be found on the GTK TH website under the student's level of training.
- Bibliography
- Presentations and notes of lectures and seminars Frank Wood’s: Business Accounting Vol. 1, 13th Edition, Pearson Education 2015 Financial accounting Study Text, BPP Learning Media 2016 Practical assignments available from the course’s Moodle profile