Principles of Financial Accounting
2nd Semester, Course Code: ΜΕΧΘ06
Credits: 7
Learning Outcomes
The aim of the course is:
This is the first/introductory course in Accounting focusing on Financial Accounting Principles in the context of the International Financial Reporting Standards (IFRS). The aim of the course is to provide students with the necessary theoretical knowledge and techniques used internationally in financial accounting and reporting.
Upon successful completion of the course, the student will be able to:
- Understand the principles of financial accounting, the financial cycle, recording of transactions and reporting in the: Statement of Financial Position; Statement of Comprehensive Income; Statement of Changes in Equity.
- Analyse the requirements of a particular accounting issue and apply the knowledge offered in practice.
- Know and comprehend basic terms such as Journal, Journal entries, T- accounts etc
- Know and comprehend the appropriate terminology in Financial Accounting as well as the relevant modern reporting approaches.
- Make necessary Journal entries, Αdjusting entries and prepare the relevant financial statements
General Competences
- Adapting to new situations
- Decision-making
- Working independently
- Teamwork
- Working in an international environment
- Working in an interdisciplinary environment
- Production of new research ideas Teamwork
- Project planning and management
- Respect for difference and multiculturalism
- Respect for the natural environment
- Showing social, professional, and ethical responsibility and sensitivity to gender issues
- Criticism and self-criticism
- Production of free, creative and inductive thinking
Course Content
- Introduction in General Accounting-General Accounting Principles
- Financial Statements, Balance Sheet (Financial Position)
- Financial Statements, Income Statement
- Owner’s Equity Statement
- T- Accounts-Journal
- Greek_Accounting_Standarads
- Business transactions-Journal Entries-Trial Balance
- Accounting Errors- Adjusting Entries
- Closing Entries
- preparation of Financial Statements
A combination of teaching and learning methods will be used, aiming at the active participation of the students and the practical application of the thematic units under examination; there will also be lectures using audiovisual media, discussions, and analyses of case studies on real business issues, experiential (group) activities, as well as projections of relevant videos. The students will also potentially undertake an individual or group project. Furthermore, articles, web links/addresses, useful information, case studies and exercises for further practice are posted in digital form on the Open e-Class platform.
Student Performance Evaluation
The evaluation process is in the language that the course is taught (Greek or English) and consists of:
Compulsory written final examination at the end of the semester (weighting factor 70% at least) which may include:
- Multiple choice questionnaires
- Open-ended questions
- Problem solving
- Oral examination
Evaluation criteria: correctness, completeness, clarity
Optional written exam or essay during the semester (weighting factor 30%) which may includes:
- Multiple choice questionnaires
- Open-ended questions
- Problem solving
- Essay/report
- Oral examination
Evaluation criteria: correctness, completeness, clarity
Special learning difficulties:
Students with special learning difficulties in writing and reading (as they are certified and characterized by a competent body) are examined based on the procedure provided by the Department.
Specifically-Defined Criteria:
The evaluation criteria are made known during the first lesson and are clearly stated on the course website and the Open e-class platform. The students are allowed to see their exam paper after its grading (during the announced office hours) and receive explanations about the grade they received.
Bibliography
Suggested Bibliography
Suggested Bibliography in Greek Language:
- – Κόντος Γ., Χρηματοοικονομική Λογιστική, 2021, Εκδόσεις Διπλογραφία
- – Βασιλείου, Δ., Ηρειώτης, Ν., Μπάλιος Δ. 2019. Αρχές Χρηματοοικονομικής Λογιστικής – Χρηματοοικονομική Ανάλυση και Λήψη Αποφάσεων. Εκδόσεις: Rosili
- – Needles, B., Powers, M. and Crosson, S. 2016. Εισαγωγή στη Λογιστική. (επιμ.) Εκδόσεις: Πασχαλίδης
- – Νεγκάκης, Χ., 2015, Λογιστική Εταιριών σύμφωνα με τα Ελληνικά και Διεθνή Λογιστικά πρότυπα
- Εκδόσεις: Αειφόρος Λογιστική.
- – Μπάλας, Α., Χέβας, Δ. 2016. Χρηματοοικονομική Λογιστική, Εκδόσεις: Μπένος.
- – Τσουκαλας, Σ. 2010. Λογιστική Επιχειρήσεων Τροφίμων, Σ. Εκδόσεις Στοχαστής, Αθήνα.
Suggested Bibliography in English Language:
- – Needles B. and Powers M. 2013. Principles of Financial Accounting; International Edition. 12e. CENGAGE Learning
- – Harrison, Horngren, Thomas & Suwardy. 2014. Financial Accounting – International Financial Reporting Standards. 9e. Pearson Education.
- – Wegandt, J. J., Kimmel D. P. and Kieso. E. D. 2016. Financial Accounting. IFRS edition. 3e. Wiley
Related Academic Journals
- Accounting Organizations & Society (Rank: Association of Business Schools Journal List 4*)
- – Journal of Accounting & Economics (Rank: Association of Business Schools Journal List 4*)
- – Journal of Accounting Research (Rank: Association of Business Schools Journal List 4*)
- – The Accounting Review (Rank: Association of Business Schools Journal List 4*)
- – Contemporary Accounting Research (Rank: Association of Business Schools Journal List 4)
- – Review of Accounting Studies (Rank: Association of Business Schools Journal List 4)
- – Abacus (Rank: Association of Business Schools Journal List 3)
- – Accounting, Auditing & Accountability Journal (Rank: Association of Business Schools Journal List 3)
- – Accounting & Business Research (Rank: Association of Business Schools Journal List 3)
- – Accounting Horizons (Rank: Association of Business Schools Journal List 3)
- – Accounting Forum (Rank: Association of Business Schools Journal List 3)
- – British Accounting Review (Rank: Association of Business Schools Journal List 3)
- – Critical Perspectives on Accounting (Rank: Association of Business Schools Journal List 3)
- – European Accounting Review (Rank: Association of Business Schools Journal List 3)
- – International Journal of Accounting (Rank: Association of Business Schools Journal List 3)
- – Journal of Business Ethics (Rank: Association of Business Schools Journal List 3)
- – Journal of Business Finance & Accounting (Rank: Association of Business Schools Journal List 3)
- – Management Accounting Research (Rank: Association of Business Schools Journal List
- – Public Money & Management (Rank: Association of Business Schools Journal List 2)
Instructor’s Notes