117-0567/03 – Fundamentals of Accounting and Taxes (FAD)
| Gurantor department | Department of Accounting and Taxes | Credits | 5 |
| Subject guarantor | Ing. Kateřina Krzikallová, Ph.D. | Subject version guarantor | Ing. Kateřina Krzikallová, Ph.D. |
| Study level | undergraduate or graduate | Requirement | Compulsory |
| Year | 2 | Semester | summer |
| | Study language | English |
| Year of introduction | 2018/2019 | Year of cancellation | |
| Intended for the faculties | EKF, HGF | Intended for study types | Bachelor |
Subject aims expressed by acquired skills and competences
1. Emphasize the importance of accounting as the enterprise financial management tool.
2. Feature the importance of accounting procedures in individual areas of accounting.
3. Explain the differences of accounting and tax conception of costs and revenues.
4. Clarify the connection and the impact of accounting operation to disclosed financial statements.
5. Explain the basic principles of taxation in the conditions of the Czech Republic.
6. Introduce tools for tax harmonization and cooperation within the European Union.
Teaching methods
Lectures
Tutorials
Summary
The aim of the course is to explain the fundamentals of accounting and taxation of business entities according to the applicable legal regulations of the Czech Republic and European Union in English. Student should acquire knowledge in English from professional accounting and tax issues and should be able to use and apply the given professional terminology in the English language.
Compulsory literature:
Recommended literature:
Additional study materials
Way of continuous check of knowledge in the course of semester
Credit – presentation on chosen tax or accounting topic
Exam - written test
E-learning
Credit – presentation by MS Teams on chosen tax or accounting topic
Exam - test in LMS Moodle
Other requirements
Other requirements for the student have not been determined.
Indirect teaching will be realized in the form of self-study.
Prerequisities
Subject has no prerequisities.
Co-requisities
Subject has no co-requisities.
Subject syllabus:
1. Introduction to accounting (importance, function, legal framework, the accounting rules and principles, methodological and control elements of accounting, accounting documents, accounting books, accounting methods, chart of accounts).
2. Long-term intangible and tangible assets (characteristics, valuation, depreciation, accounting procedures including tax perspective).
3. Long-term financial assets (characteristics, valuation and accounting procedures).
4. Inventories (characteristics, valuation and accounting procedures).
5. Short-term financial assets and cash (characteristics, valuation and accounting procedures).
6. Clearing relations, capital accounts and long term liabilities (characteristics and accounting procedures of specific issues).
7. Expenses and revenues including tax aspects, determination of profit before tax and after tax, determination of tax base, its adjustment according to the Income Tax Act and accounting of income tax due.
8. Closing and off-balance sheet accounts and the procedure for the financial statements at the end of the accounting period. Financial statements and annual report. Audit.
9. Introduction to taxation, principles, examples.
10. Tax system and legislation of the Czech Republic.
11. Tax harmonization and cooperation within the European Union.
12. Direct taxes: Corporate Income Tax and Personal Income tax (taxpayers, construction of tax base, exemptions and calculation of tax liability)
13. Indirect taxes: Value Added Tax, Excise Duties and Energy Taxes (taxpayers, subject to tax, rates, tax exemptions, calculation of tax liability).
14. Principles of international taxation.
Conditions for subject completion
Occurrence in study plans
Occurrence in special blocks
Assessment of instruction