Financial Accounting

There are no recommended background. The course is tought on the assumption that students have never taken accounting courses.

The teaching methodology is theoretical-practical and interactive, with the discussion of the resolution of practical exercises, in order to capture the constant interest of students in the subject taught.

Know the importance of financial accounting within organizations’ information and management systems.

Understand the accounting model, progressively, starting with a static analysis of an entity’s assets, then proceeding to a dynamic analysis of the equity facts that will allow the construction of the Balance Sheet and the Income Statement by Nature.

Understand concepts that shape knowledge about accounting standards (Accounting Standardization System – SNC).

After successfully completing this course, the student should be able to:

assess the importance of accounting information and the respective recipients;

understand accounting methods and techniques;

understand the company’s financial statements, respective components and preparation;

understand the assumptions and characteristics of accounting information;

analyze accounting for some of the internal and external operations of companies, in the SNC.

1. Introduction

2. Fundamental Concepts

Patrimony

Inventory

Swing

The aggregation unit in Accounting: the Account

Overview: the elements of the financial statements (Assets, Liabilities, Equity, Expenses and Income)

The accounting recording method: double items

Debit and Credit Laws

The diary

The Reason

The articulation between the diary and the ledger

 Check Balance Sheet

Exchanging equity facts and amending equity facts

Final Balance Sheet and Income Statement by Nature

3. Accounting standardization

Accounting standardization in Portugal

Some benchmarks of global accounting standardization

4. The Concept of Accounting Period and the Importance of Accruals and Deferrals

5. Theoretical Approach to Value Added Tax in purchase and sale operations

6. Accounting for Operations

Net financial resources

Purchasing and other operations with suppliers

Sales and other operations with customers

 Inventories and Biological Assets

7. The clearance of VAT

Knowledge assessment can be carried out in one of two ways: 1) periodic assessment; or 2) assessment by exam.

1) Periodic assessment:

• Carrying out two frequency tests: the first, on a date to be defined (November) and, the second, on the exam date in the normal season.

• Condition for admission to 1st Attendance: two absences from classes, at most (absences due to legal justification will be accepted, as long as they are documented and submitted in good time).

• Condition for admission to the 2nd Attendance: two absences from classes, at most, starting from the first class after taking the 1st Attendance (absences under legal justification will be accepted, as long as they are documented and delivered in useful time).

• Each frequency is worth 50% of the final grade of the curricular unit.

• Minimum classification for admission to the 2nd frequency: does not exist.

• Minimum grade in the 2nd test to obtain approval in the curricular unit: does not exist.

• Condition for passing the curricular unit: grade greater than (or equal to) 9.50 in the set of two frequency tests.

• There will be no oral exams for students with a grade below 9.50.

2) Assessment by exam:

• This type of assessment will consist of a written test, covering all of the material taught.

• There is no minimum attendance requirement for classes.

• Condition for passing the curricular unit: grade greater than (or equal to) 9.50.

• There will be no oral exams for students with a grade below 9.50.

Regardless of the type of assessment, during each of the tests, no element of consultation is permitted, except, possibly, if made available by the teacher simultaneously with the statement, nor the use of any electronic means, namely a cell phone. Violation of this rule implies the annulment of the respective test and the legally foreseen consequences. The calculating machine to be used in the assessment tests will be simple, without any memory or data storage functions.

NAO