Name: FINANCIAL ACCOUNTING
Code: 520201001
Type: Basic
ECTS: 9
Length of subject: Yearly
Semester and course: 1st Year - Yearly
Speciality:
Language: English
Mode of study: On-site class
Lecturer data: REVERTE MAYA, CARMELO
Knowledge area: Economía Financiera y Contabilidad
Department: Economía, Contabilidad y Finanzas
Telephone: 968325925
Email: carmelo.reverte@upct.es
Office hours and location:
Qualifications/Degrees:
Academic rank in UPCT: Catedrático de Universidad
Number of five-year periods: 5
Number of six-year periods: 4 de investigación
Curriculum Vitae: Full Profile
Responsible for the groups: G1, G2, G4
Concepto y funciones de la Contabilidad Financiera. Estructura patrimonial de la empresa. Convenios de funcionamiento de las cuentas y libros de contabilidad. El ciclo contable. Ingresos y gastos: el resultado empresarial. Modelos oficiales de balance y cuenta de resultados en el Plan General de Contabilidad. Normas de valoración de las principales partidas.
CONCEPT AND FOUNDATIONS OF ACCOUNTING
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 operation agreement
3.4. The double¿entry method
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
THE GENERAL ACCOUNTING PLAN. ACCOUNTING TREATMENT OF THE MAIN ELEMENTS OF 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 the 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 commercial transactions: discounts, advances and returns
7.5. Accounting treatment of containers and returnable packages
7.6. Stock impairment
7.7. Accounting treatment of foreign currency
LESSON 8: ACCOUNTING TREATMENT OF CREDITORS AND DEBTORS FOR TRADEOPERATIONS
8.1 Accounts receivable:
8.2 Doubtful accounts: systems for estimating insolvency
8.3 Trade receivables
8.3.1 Banking discount of bills
8.3.2 Collection management/negotiation of bills
8.3.3 Unpaid bills
8.4 Accounts payable:
8.5 Accounting treatment of 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
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
Practices 1 to 4. Balance sheet. Double-entry method. Fundamental equation of accounting. Trial balance. Practice 5. Income and expenses Practice 6. Personnel expenses. Practice 7 and 8. Inventories. Purchases and sales. VAT. Practice 9. Accounts receivables. Operations with trade bills. Practice 10. Global system for doubtul receivables. Practice 11. Indivualized system for doubtul receivables. Practice 12. Financial accounts. Practice 13. Non-current tangible assets Practice 14. Non-current intangible assets. Practice 15. Bank loan. Practice 16. Liability provisions At the end of the course, a global exercise covering all the subjects will be solved.
Promoting the continuous improvement of working and study conditions of the entire university community is one the basic principles and goals of the Universidad Politécnica de Cartagena. Such commitment to prevention and the responsibilities arising from it concern all realms of the university: governing bodies, management team, teaching and research staff, administrative and service staff and students. The UPCT Service of Occupational Hazards (Servicio de Prevención de Riesgos Laborales de la UPCT) has published a "Risk Prevention Manual for new students" (Manual de acogida al estudiante en materia de prevención de riesgos), which may be downloaded from the e-learning platform ("Aula Virtual"), with instructions and recommendations on how to act properly, from the point of view of prevention (safety, ergonomics, etc.), when developing any type of activity at the University. You will also find recommendations on how to proceed in an emergency or if an incident occurs. Particularly when carrying out training practices in laboratories, workshops or field work, you must follow all your teacher's instructions, because he/she is the person responsible for your safety and health during practice performance. Feel free to ask any questions you may have and do not put your safety or that of your classmates at risk.
Class in conventional classroom: theory, problems, case studies, seminars, etc
Theory classes to explain the main concepts of the syllabus. Resolution of exercises to apply the theoretical concepts.
Learning outcomes: All.
82
100
Assessment activities (continuous assessment system)
Evaluation corresponding to the continuous assessment system.
Learning outcomes: All.
8
100
Assessment activities (final assessment system)
Exams of the final assessment system.
Learning outcomes: All.
5
100
Tutorials
Tutorial hours to solve doubts.
Learning outcomes: All.
10
50
Student work: study or individual or group work
Time dedicated to studying the subject.
Learning outcomes: All.
120
0
Evaluation of assignments / reports / studies
Two partial exams to be taken on the official dates indicated on the Faculty's web site:
* EXAM 1 (35% of the final mark) in the first quarter. Topics covered: 1 to 6.
Learning outcomes assessed:
a) Describe the objectives of accounting and its main users.
b) Explain the double entry method as the basis of bookkeeping.
c) Elaborate a balance sheet.
d) Describe the main stages of the accounting cycle from the opening to the closing.
e) Distinguish the main elements of net profit (income and expenses) and its classification (operating vs financial).
* EXAM 2 (35% of the final mark) in the second quarter. Topics covered: 9 to 13.
Learning outcomes assessed:
Apply the recording and valuation rules contained in the General Accounting Plan.
In order to pass the subject, it will be necessary to obtain a minimum grade of 4 points in each of these 2 partial exams (provided that the average of the continuous evaluation activities is at least 5 points).
70 %
Exams
A task will be done where the student will have the material available. Its characteristics will be announced in Aula Virtual. Topics covered: 7 and 8.
Learning outcomes assessed: Apply the recording and valuation rules contained in the General Accounting Plan.
In order to pass the subject, it will be necessary to obtain a minimum grade of 4 points in this activity (provided that the average
of the continuous evaluation activities is at least 5 points).
30 %
Evaluation of assignments / reports / studies
Final exam that will be structured in the same three parts of the continuous evaluation system and with the same weightings. The parts of the continuous evaluation system where the minimum required grade is achieved (4 points) will be saved in the final exam for both the June and July calls unless the student expressly renounces. This final exam assesses all learning outcomes.
100 %
Author:
Title: Plan General de Contabilidad y de PYMES Reales Decretos 1514-2007 y 1515-2007, de 16 de noviembre, y adaptación al Real Decreto 1159-2010 y al Real Decreto 602-2016
Editorial: Pirámide
Publication Date: 2018
ISBN: 9788436839159
Author: Reverte Maya, Carmelo
Title: Exercises of financial accounting
Editorial: Ecobook
Publication Date: 2014
ISBN: 9788496877917
Author: SOCIAS Y OTROS
Title: FINANCIAL ACCOUNTING. THE BASIC ACCOUNTING CYCLE AND THE SPANISH GENERAL ACCOUNTING PLAN
Editorial: PIRAMIDE
Publication Date: 2014
ISBN: 9788436832105
Author: CAMACHO Y OTROS
Title: BEYOND FIGURES. INTRODUCTION TO FINANCIAL ACCOUNTING. EUROPEAN FINANCIAL ACCOUNTING MANUAL
Editorial: PIRAMIDE
Publication Date: 2012
ISBN: 978-84-368-2705-7