Financial Accounting, 7.5 Credits

Contents

The course provides an understanding of how to create, use, analyze, and interpret financial reports. International reporting standards are introduced through an overview of various accounting concepts and descriptions of how they are utilized in accounting. Based on the concepts and descriptions the students will be able to see how accounting information is used, analyzed, and interpreted in decision-making situations. The course will also discuss how accounting can be used to meet society's sustainability challenges.

Expected learning outcomes

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

Knowledge and understanding:

• explain the basics of double-entry bookkeeping and how annual accounts are prepared 
• describe the contents of the balance sheet, income statement and cash flow statement
• describe how the balance sheet, income statement and cash flow statement interact
• demonstrate an understanding of the opportunities but also the challenges that accounting has in being a part of meeting sustainability challenges in society

Skills and ability 

• use accrual accounting
• perform an analysis and interpret information in financial statements
• based on an analysis of financial statements, use it for decision-making
• communicate central concepts for the course in English, both orally and in writing.

Judgement and approach 

• discuss the importance of ethics in the accounting profession
• describe the possibilities and limitations of accounting to meet the information needs of different stakeholders
• describe the possibilities and limitations of reporting in the area of sustainabilit

Required Knowledge

Two of the following courses completed within the International Business and Economics program: "International Business Administration and Global Challenges, 7,5 hp", "Leading and Organizing in an International Context 7,5 hp", "Contemporary Marketing 7,5 hp" and "Finance 7,5 hp", or equivalent.

Form of instruction

Learning is supported through lectures, exercises, seminars, and a group assignment.

Examination modes

The examination consists of:
- a written group assignment with oral presentation at a seminar,
- a written individual hall exam. 

The course is given and examined in English.

The following grading system is used:
Pass with distinction (Väl godkänd, VG, 75% or more), Pass (Godkänd, G, 50% or more), and Fail (Underkänd U, less than 50%).
Grades on the course are awarded when the student has passed all examinations.

A student who does not pass the first examination will be offered an opportunity to sit a re- examination within two months. An additional examination opportunity is normally offered every academic year, one week prior to the start of the autumn term. If required by specific circumstances, other form of examination can be used. 

A student that has failed an examination on two occasions has a right to have another examiner or grading teacher appointed, unless there are special reasons against it. A written request addressed to the Director of Studies should be made no later than 14 days before the next examination opportunity. 

Adaptations 
Examiners may decide to deviate from the modes of assessment in the course syllabus. Individual adaptation of modes of assessment must give due consideration to the student's needs. The adaptation of modes of assessment must remain within the framework of the intended learning outcomes in the course syllabus. Students who require an adapted examination - and have received a decision on the right to support from the coordinator at the Student Services Office for students with disabilities - must submit a request to the department holding the course no later than 10 days before the examination. The examiner decides on the adaptation of the examination, after which the student will be notified. 

Academic integrity and cheating 
As a student, you are expected to act with academic integrity. This means writing and presenting within the limits of the academic rules and expectations communicated in the university's regulations and what is otherwise specified by the responsible department. Disciplinary action may be taken against students who use unauthorized help aids or in some other way try to mislead on a test or on another type of task for examination. Rules and regulations concerning the production of academic texts and correct referencing will be applicable to written assignments. Submitted material may be subject to plagiarism control. In addition, Umeå University rules and regulations for education and research apply.

Other regulations

Academic credit transfers are according to the university credit transfer regulations.