Syllabus
1. Bookkeeping for stock, valuation of stock and work in progress. Accounting methods A and B for inventories. Determining inventory cost ,valuation methods - average cost, FIFO, LIFO, influence on profit.
2. Bookkeeping for money - cash, bank accounts, checks, credit cards. Account for money transfer.
3. Bookkeeping for creditors and debtors, accounting in foreign currencies.
4. Bookkeeping for employees, payroll taxes, health and social insurance.
5. Accounting for taxes - VAT, income tax, Final account.
6. Capital accounts - registered capital, capital funds, subsidies, reserves. Distribution of accounting profit.
7. Bookkeeping for expense and revenue. Evidence for tax purposes.
8. Cash versus accrual basis accounting - adjustment for end of period accruals, deferred items.
9. Accounting in different types of business - banks, insurance companies, non profit organisations etc.
10. IAS - difference in Czech Accounting Standards. EEC Directives.
Annotation
Introduction to financial accounting. Basic functions, principles, system of record keeping.
Financial accounting as an information system.