Financial Accounting (ILV)


Course lecturer:

Mag. Dr.

 Alexander Herbst
Course numberB4.06360.10.061
Course codeFinAcc
Semester of degree program Semester 1
Mode of delivery Presencecourse
ECTS credits3,0
Language of instruction English

On successful completion of the course, students:

  • Understand the importance of bookkeeping and accounting in the context of corporate management.
  • Understand the legal framework and the underlying intentions (tax law/commercial law).
  • Can explain and apply the double-entry accounting system.
  • Are proficient in the most important current entries and closing entries.
  • Are able to correctly assess valuation issues in the context of the annual financial statements.
  • Are able to prepare a simple annual financial statement.
  • Can apply the theoretically taught contents by means of an accounting software practically

The course will cover the following topics/content:

  • Fundamentals of financial accounting I (the accounting scene; the regulatory framework of accounting; the framework of financial statements)
  • Fundamentals of financial accounting II (double entry bookkeeping; from trail balance to financial statements)
  • Case work
  • Reporting of non-current assets (property, plant & equipment; financial assets; leases, cost versus revaluation model; impairment test)
  • Reporting of current assets I (inventory of retail and wholesale businesses; the manufacturing account of manufacturing businesses)
  • Reporting of current assets II (receivables [irrecoverable debts/bad debts]; accounting for returns, carriage, discounts, indirect taxes [esp. VAT]; payroll)
  • Reporting of current assets III (bank reconciliations; accounting for accruals and prepayments)
  • Reporting of contingent liabilities, provisions, payables, equity
  • The financial statements of single entities versus consolidated financial statements (incl. statement of financial position; statement of comprehensive income; statement of changes in equity; cash flow statement; notes)
  • Examination training (structure of exam; mock exam; glossary of most important financial accounting terms)

Egger, A./Bertl, R. (2018): Der Jahresabschluss nach dem Unternehmensgesetzbuch. Band 1: Der Einzelabschluss. Erstellung, Prüfung, Veröffentlichung. Wien: Linde Verlag
Grohmann-Steiger, C./Schneider, W. et al (2010): Einführung in die Buchhaltung im Selbststudium. Wien: facultas wuv Verlag.

Moderated group work, lecture, case work

Cumulative module examination
The module grade is calculated weighted by the ECTS credits of the individual courses (ILV - integrated lecture) of the module and results as follows:
ILV "Financial Accounting" - 3 ECTS
Assessment type: Continuous assessment
Assessment method/s: Participation in Class, case work, written final examination