Subject of the Course

The subject of the course “Financial Accounting II” is capital, liabilities, income, and expenses, as well as financial results of the enterprise’s activity.

Objective of the Course

To teach students the methodology for reflecting business transactions according to the approved national accounting standards and international financial reporting standards, and to apply the acquired theoretical knowledge, skills, and competencies in practical activities.

Main Tasks

During the course, students are expected to achieve the following objectives:

• Master the methodology and learn the organization of financial accounting of capital and liabilities in enterprises, using progressive forms and national accounting standards.
• Gain practical skills in accounting transactions related to the formation and changes in the amount of equity.
• Account for the emergence and repayment of liabilities, the formation and distribution of financial results of the enterprise’s activity.
• Based on reliable accounting information, be able to prepare financial statements and make effective management decisions.

 

Place of the Course in the Bachelor’s Study Program

The course “Financial Accounting II” is a mandatory subject in the bachelor’s program in accounting and taxation. It is based on prior knowledge and lays the foundation for the study of disciplines such as “Financial Accounting I,” “Taxation,” “Business Activity Analysis,” “Legal Foundations of Economic Security in Accounting and Taxation,” “Legal Foundations of Anti-Corruption in Business,” and others.

Competencies, Knowledge, and Skills Requirements

As a result of studying this course, students should develop the following competencies:

General:

• ZK01. Ability to learn and master modern knowledge.
• ZK02. Ability for abstract thinking, analysis, and synthesis.
• ZK03. Ability to work in a team.
• ZK04. Ability to work autonomously.
• ZK08. Knowledge and understanding of the subject area and professional activity.

Special:

• SK02. Use mathematical tools for researching socio-economic processes and solving applied tasks in accounting, analysis, control, audit, and taxation.
• SK03. Ability to reflect information on business transactions in financial and managerial accounting, systematize and summarize it in reporting, and interpret it to meet the information needs of decision-makers.
• SK04. Apply knowledge of law and tax legislation in the practical activities of economic entities.
• SK08. Identify and assess the risks of not achieving management goals, non-compliance with legislation, and regulating operations, inaccuracies in reporting, and preserving and using resources.
• SK11. Demonstrate understanding of the professional activity requirements related to ensuring the sustainable development of Ukraine as a democratic, social, and legal state.

 

According to the educational program:

• SK12. Know the essence and conceptual foundations, legal framework, methods, forms, and tools of accounting, audit, and taxation in the enterprise.

Studying the “Financial Accounting II” course aims to achieve the following qualification level for specialists:

• Know:
  • Principles of accounting and financial reporting preparation.
  • Procedures for forming, changing, and accounting equity.
  • Methodology for reflecting liabilities for settlements with suppliers, banks, employees, the budget, the Pension Fund, etc.
  • Tax principles and rates for income and profit.
  • Structure of income and expenses by activity type.
  • Methodology for determining financial results by activity type.
  • Composition and structure of financial statements and how to fill them out.
• Be able to:
  • Resolve practical situations related to forming and changing the statutory capital.
  • Keep records of all types of long-term and short-term liabilities.
  • Calculate vacation allowances, unused vacation compensation, temporary disability benefits, and salaries.
  • Prepare financial reports based on accounting information.

 

Program Learning Outcomes:

• PР02. Understand the role and significance of accounting, analytical, control, tax, and statistical systems in providing information to users for solving social, economic, and environmental issues in enterprises.
• PР03. Determine the essence of accounting, analysis, control, audit, taxation objects and understand their role in business operations.
• PР05. Master methodological tools for accounting, analysis, control, audit, and taxation of business operations.
• PР06. Understand the peculiarities of accounting, analysis, control, audit, and taxation practices in enterprises of different ownership forms, legal structures, and types of economic activities.
• PР17. Be able to work both independently and in teams, demonstrate leadership qualities and responsibility, adhere to ethical principles, and respect individual and cultural diversity.
• PР20. Perform professional functions considering social responsibility, labor discipline, time management, and planning.

 

Course Content by Topics:

1. Accounting of Equity
2. Accounting of Liabilities Provision
3. Accounting of Long-term Liabilities
4. Accounting of Liabilities from Bonds
5. Accounting of Lease Transactions
6. Accounting of Short-term Liabilities
7. Accounting of Settlements with the Budget
8. Accounting of Contributions to the Social Insurance Fund
9. Accounting of Employee Payments
10. Accounting of Income and Financial Results of the Enterprise
11. Accounting of Business Expenses
12. Financial Statements of Enterprises