OVERVIEW

The course of Financial Accounting addresses, from both a theoretical and practical perspective, the topics of financial accounting and financial statement preparation, providing students with a fundamental basis for understanding accounting processes and the role of financial statements within the educational path in business and economics.

AIMS AND CONTENT

LEARNING OUTCOMES

The course focuses on the theory and practice of financial accounting, with particular regard to double-entry book-keeping and financial statement preparation.

AIMS AND LEARNING OUTCOMES

Aims
The course aims at providing a theoretical basis of financial accounting and of financial reporting, with particular reference to the preparation of the annual report following the Italian Civil Code (modified by the legislative decree 139/2015). To this aim, this course goes more in depth with the concepts of the Economia Aziendale course by focusing on double-entry book-keeping.

At the end of the teaching unit, the student will be able to:
- Analyse the main corporate operations from the financial accounting perspective, applying the provisions of the Italian Civil Code and national accounting standards to practical cases.
- Prepare and interpret the annual report compliant with the Italian Civil Code and Italian GAAP, also considering the changes introduced by legislative decree 139/2015.

Learning outcomes (Dublin descriptors):
1. Knowledge and comprehension: students will know the provisions of the Italian Civil Code and the main issues related to financial accounting and financial reporting; they will also acquire adequate knowledge and understand the main recurring operations.
2. Application capabilities: students will be able to apply such knowledge to understand and solve the main issues regarding book-keeping, the measurement of earnings and capital; in particular, they will be able to prepare the annual report according to the Italian Civil Code and accounting standards.
3. Independent judgement: students will be able to judge the relevance of information disclosed to determine the main financial figures; they will also understand the main implications of accounting entries and the connections between book-keeping and the annual report.
4. Communication skills: students will learn the accounting technical language to be able to communicate clearly with professionals and other practitioners.
5. Learning skills: students will develop adequate learning skills, which will allow them to have regular updates and further focused study, given the continuous evolution of the discipline.

PREREQUISITES

The course requires knowledge of the concepts introduced in the Economia Aziendale course, which must be passed before taking the Financial Accounting exam. Basic knowledge from the courses of Diritto Privato (regarding main contracts) and Diritto Commerciale (regarding companies) is also recommended, although these are not formal prerequisites.

TEACHING METHODS

The teaching methods are designed to develop the theoretical knowledge and practical skills required by the learning outcomes. Methods employed involve lectures, seminars with professionals, exercises, online self-assessment tests (aulaweb). Attendance is strongly recommended (though not mandatory).  Students with learning disabilities or special needs are invited to contact the instructor at the beginning of the teaching unit to agree on personalized learning and assessment methods. 

SYLLABUS/CONTENT

1. Financial accounting, accounts, double-entry book-keeping, and the income system
2. Value Added Tax
3. Purchase/use of materials
4. Sales
5. Purchase/use of services
6. Personnel and related costs
7. Purchase/use of fixed assets
8. Equity financing
9. Debt financing
10. Foreign currency operations
11. Investment in financial instruments
12. Financial statements preparation: schemes
13. Financial statements preparation: principles
14. Reading and interpretation of the annual report
15. Introduction to consolidated financial statements and international accounting standards (IAS-IFRS)

RECOMMENDED READING/BIBLIOGRAPHY

- Quagli A., “Bilancio di esercizio e principi contabili”, XII ed., 2024, Giappichelli

- Marchi L., Marasca S.  (eds.), “Contabilità d’impresa e valori di bilancio”, VII ed., 2022, Giappichelli

- Other materials available on the Aulaweb.

The analytical syllabus (with details of chapters not included in the exam) is available on Aulaweb.

TEACHERS AND EXAM BOARD

LESSONS

LESSONS START

Lessons of the Financial Accounting course are held during the second semester.For details, see the timetable published at http://economia.unige.it/orario-lezioni.

Class schedule

The timetable for this course is available here: Portale EasyAcademy

EXAMS

EXAM DESCRIPTION

The exam consists of a written test (compulsory) and an oral assessment (optional and not substitutive of the written test).

The written test will assess the overall preparation on the syllabus. In particular, it will evaluate the ability to individually elaborate the acquired knowledge to solve both theoretical and practical questions. The evaluation of the written test will be based on the following criteria: (i) use of technical terminology, (ii) quality of the exposition and logical structure in answering open theoretical questions, (iii) ability to apply acquired knowledge in answering questions, (iv) critical reasoning in approaching theoretical and practical issues, (v) ability to use accounting methods for correct recording of management operations and adjusting entries, (vi) completeness and depth of knowledge of the Italian Civil Code and national accounting standards for accounting entries, (vii) completeness of knowledge of the Italian Civil Code and national accounting standards for the preparation of financial statements.

The oral assessment, which is optional and not substitutive of the written test, will cover the entire syllabus and evaluate the same abilities as the written test.

The evaluation criteria for the oral assessment are the same as those for the written test.
 

ASSESSMENT METHODS

The exam consists of a written test (compulsory) and an oral assessment (optional). Both assessments cover the entire syllabus.

The written test includes:
- a first part (preliminary test): 10 multiple-choice questions;
- a second part: adjustment entries, financial statement preparation, entries for the following year, and two open-ended questions.

To pass the written test, students must pass the preliminary test (at least 6 correct answers out of 10).

The oral assessment, which can be taken only by students who have passed the written test, is optional and must be taken in the same exam session as the written test, upon student request.

Each learning outcome is assessed through specific questions in the different parts of the written and oral tests, according to the stated evaluation criteria.

FURTHER INFORMATION

No additional information.