Course detail

Accounting and Taxes

FP-BATEAcad. year: 2023/2024

The subject deals with the fundamentals of the Czech accounting legal regulation and with the tax system of the Czech Republic. As to the Czech tax system, the attention is focused primarily on the direct taxes; students will become acquainted also with the basic principles and rules of the procedural aspects of tax administration.

Language of instruction

English

Number of ECTS credits

6

Mode of study

Not applicable.

Guarantor

doc. Ing. Mgr. Karel Brychta, Ph.D.

Department

Institute of Finances (ÚF)

Entry knowledge

Elementary knowledge in corporate economy and law.

Rules for evaluation and completion of the course

PASSING THE COURSE

Credit
1. Active participation in seminars; presentations of the tasks assigned in previous week.

2. Passing credit tests during the course of the semestr (max. 30 points; at least 50 % of the total number of points from each test shall be reached to pass the credit test; the credit tests are focused on short model examples).

Exam
The exam is focused on verifying the knowledge gained. The exam takes the form of a test - 30 questions with the offer of 3 possible answers (only one answer is correct). Min. 50 % of the total possible points is a condition to successfully pass the exam. The test takes 30 minutes.

Scoring the answers in the exam test:
- correct answer: + 1 point
- not answered: 0 points
- wrong answer: - 1 point

Final classification
The examination is classified according to ECTS. The final classification of the subject is influenced by the work during the semester (see below).

Share in the final evaluation:
- Credit tests (50%);
- Exam test (50%).

Participation both in lectures and seminars is compulsory and will be checked. Active participation in the seminars is required.

 

PASSING THE COURSE BY STUDENTS WITH APPROVED INDIVIDUAL STUDY PLAN

Credit (examples): a summary test aimed at solution of shorter model exmaples - four parts (at least 50 % from each part shall be obtained to pass the test succesfully).

Exam: on conditions as stated above.

Aims

The aim of the course is to get students acquainted with the fundamental principles of the Czech accounting, Czech annual financial statements and taxes included in the tax system of the Czech Republic. The subject follows the idea to provide students with the knowledge in accounting and tax issues related to the performance of business activities.
Students will become acquainted with fundamental aspects of accounting legal regulation, annual financial statements and fundamentals of material tax law in the Czech Republic. Students will master basic terminology and skills necessary for understanding common accounting and tax issues, as well as the knowledge for the solution of simpler accounting and tax tasks.

Study aids

Not applicable.

Prerequisites and corequisites

Not applicable.

Basic literature

Act No. 561/1993 Coll., on Accounting, as amended.
Material law (particular tax acts) governing the taxes included in the Czech tax system (above all the Act No. 586/1992 Coll., on Income Taxes, as amended).
RADVAN, Michal. Czech Tax Law. 4. vyd. Brno: Masaryk University, 2020. 114 s. Textbook, no. 550. ISBN 978-80-210-9673-8.
STÁROVÁ, Marta. Accounting theory - with practical applications. Praha: Česká zemědělská univerzita, Provozně ekonomická fakulta, 2015. ISBN 978-80-213-2588-3.
STÁROVÁ, Marta. Accounting theory: lectures and seminars. Praha: Česká zemědělská univerzita, Provozně ekonomická fakulta, 2017. ISBN 978-80-213-2745-0.

Recommended reading

Web pages of the Czech Financial Administration (available at: http://www.financnisprava.cz/en/).

Elearning

eLearning: currently opened course

Classification of course in study plans

  • Programme BAK-E Bachelor's

    branch BAK-ESBD , 2 year of study, winter semester, compulsory

  • Programme BAK-ESBD Bachelor's 2 year of study, winter semester, compulsory

Type of course unit

 

Lecture

26 hod., compulsory

Teacher / Lecturer

doc. Ing. Mgr. Karel Brychta, Ph.D.

Syllabus

1. Accounting in the Czech Republic – legal regulation, principles, accounting as a background for decision-making
2. Accounting in the Czech Republic – classification of Czech accounting entities, Czech annual financial statements
3. Accounting in the Czech Republic – selected fundamental economic transactions and their impact on the trading result, setting the trading result, penalties for incorrect bookkeeping
4. Tax system of the Czech Republic – definition, determinants, tax system of the Czech Republic, taxes in the organizational lifecycle of business entity
5. Tax system of the Czech Republic – procedural legal regulation, duties to register
6. Personal Income Tax – subject, exemptions, partial tax bases
7. Personal Income Tax – means of tax optimization, calculation of tax liability, duties related to personal income tax, tax return, duties of the business entity in the position of the employer
8. Road Tax – elements of the tax, tax return, duties related to road tax
9. Corporate Income Tax – tax-payers, subject, exemptions, calculation of the tax base
10. Corporate Income Tax – tax rate, possibilities of tax optimization, tax return
11. Tax on Immovable Property and Tax on Acquisition of Immovable Property – elements of these taxes, tax return, fundamental duties related to these taxes
12. Value Added Tax – principles of the VAT, pros and cons of being a VAT payer, duties related to VAT
13. Case study – taxes in the organizational lifecycle of a business entity

Exercise

13 hod., compulsory

Teacher / Lecturer

doc. Ing. Mgr. Karel Brychta, Ph.D.

Syllabus

The seminars are focused on the presentation of the tasks assigned to the students.

Elearning

eLearning: currently opened course