6 ECTS credits
176 h study time

Offer 1 with catalog number 4017116ENW for working students in the 1st semester at a (E) Master - advanced level.

Semester
1st semester
Enrollment based on exam contract
Impossible
Grading method
Grading (scale from 0 to 20)
Can retake in second session
Yes
Enrollment Requirements
'Accounting' opnemen houdt in dat je gelijktijdig ‘Inleiding tot boekhouden en financiën’ volgt of reeds geslaagd bent voor ‘Inleiding tot boekhouden en financiën’.​
Taught in
Dutch
Faculty
Faculty of Social Sciences & SolvayBusinessSchool
Department
Applied economics
Educational team
Filip Sans
Marie-Laure Vandenhaute (course titular)
Benjamin Kinnart
Activities and contact hours
29 contact hours Lecture
20 contact hours Seminar, Exercises or Practicals
127 contact hours Independent or External Form of Study
Course Content

The course consists of 3 modules.

The first module focusses on financial accounting and elaborates on the accounting process or the preparation of the financial statements. The valuation principles according to the Belgian accounting law and the generally accepted accounting principles are central to this part. The most common transactions of a company are discussed and journalised with the required journal entries. In particular, fixed assets, debts, equity and provisions are given consideration.

The second module on reporting considers both financial and non-financial information that companies provide to stakeholders. Financial reporting refers to the end product of the financial accounting process, the annual accounts. Through the annual accounts, companies inform their stakeholders about their financial position and performance. The module provides students with an understanding of financial statement analysis. Specifically, the module focuses on the analysis and interpretation of the single financial statement prepared in accordance with current Belgian accounting law. Important analysis techniques are discussed to assess the financial condition of a company. Following that, the module provides a brief introduction to auditing. In addition to reporting financial data, reporting of non-financial data (sustainability reporting) is becoming increasingly important. Companies base themselves on the three ESG pillars: Environment, Social and Governance. This sustainability reporting in a broad sense provides stakeholders with better insight into the social and environmental impact of companies' activities and their way of governance.

The third module consists of an introduction to management accounting. The field of management accounting is defined, basic concepts and principles are covered, and the possible classifications of costs are discussed. The focus then shifts to cost allocation, where the determination of the cost of produced and sold goods is central. Techniques for allocating indirect costs are addressed. Next, a deeper dive is taken into the information that the management of an organization needs for decision-making. Management tools and concepts such as cost-volume-profit analysis are discussed. Finally, management accounting plays a role in financial planning and control. The course focuses on the preparation of a master budget and the use of variance analysis or analysis of differences for this purpose.

Course material
Handbook (Required) : Boekhouden, Tweedelig handboek, theorie + vragen & oefeningen, Joël Branson en Diane Breesch, Die Keure, 9980000021230, 2023
Digital course material (Required) : Are made available on the digital learning platform: (1) Video tutorials and accompanying slides; (2) model solutions of the exercises financial accounting; (3) Exercises and model solutions on financial statement analysis and management accounting, Canvas
Digital course material (Recommended) : Additional study material is made available on the digital learning platform to support the learning process: a.o. digital theoretical practice quizzes, digital exercises, knowledge clips, book chapters., Canvas
Handbook (Recommended) : Jaarrekeninganalyse, D. Breesch, J. Branson en S. Ceustermans, Die Keure, 9789048633678, 2018
Handbook (Recommended) : Management Accounting, W. Seal, C. Rohde, R. Garrison, and E. Noreen, 6th edition, McGraw-Hill Eduation, 9780077185534, 2022
Handbook (Recommended) : Auditing, J. Branson, D. Breesch en K. Hardies, Die Keure, 9980000142614, 2023
Additional info

The text book is normally available in the VUB bookshop. However, do not hesitate to buy the text book elsewhere (online).

Teaching Methods
- Lecture: collective contact-dependent moments during which the lecturer engages with learning materials
- Seminar, Exercises or Practicals (Practical): collective or individual contact-dependent moments during which the students are guided to actively engage with learning materials
- Independent or External Form of Study (Self): independent study

This description of the teaching methods is indicative, in order to assess the expected study load:

DAY- AND EVENING STUDENTS
Lecture: 29 hours

  • Module I: Financial Accounting: 12 hours (4 x 3 hours)
  • Module II: Reporting: 8 hours (2 x 3 hours + 1 x 2 hours)
  • Module III: Management Accounting: 9 hours (3 x 3 hours)

Practical: 20 hours

  • Module I: Financial Accounting: 6 hours (3 x 2 hours)
  • Module II: Reporting: 4 hours (2 x 2 hours)
  • Module III: Management Accounting: 6 hours (3 x 2 hours)
  • Individual counselling (during consultation hours, via e-mail, on discussion forums or during the study guidance days): 4 hours

Self: 134 hours

  • Watching video tutorials and solving theoretical practice quizzes on the digital learning platform to test the understanding of the theory and to prepare for classes: 11 hours (at a rate of 4 hours for Modules I and III; 3 hours for Module II)
  • Consulting additional study material and keeping track of the course material during the semester: 72 hours (at a rate of 3 days of 8 hours per module)
  • Solving additional exercises on the digital learning platform to extend the learning: 9 hours (at a rate of 8 hours for Module I and 2 hours for Modules II and III)
  • Examination preparation: 32 hours (4 days of 8 hours)
Learning Outcomes

General competencies

  • The student can journalise the most common transactions of a company according to the double-entry bookkeeping technique and in accordance with the general accounting principles and the Belgian accounting legislation, and generate on this basis a balance sheet and an income statement.
  • The student can explain the relationship between the balance sheet and the income statement.
  • The student can interpret and explain the effect of accounting treatment of transactions (e.g. operational vs financial leases) or accounting choices (e.g. choice of valuation rules).
  • The student can analyse and interpret data from financial statements in order to evaluate the financial position of a company.
  • The student can explain the audit function and important auditing concepts.
  • The student explain and evaluate important requirements and trends within non-financial reporting.
  • The student explains the distinction between financial accounting and management accounting, describes and explains the importance of both accounting branches.
  • The student identifies costs and classifies them based on the use of cost data (external reporting, cost prediction, cost allocation to cost objects, or decision-making)
  • The student performs a cost allocation and determines the cost price of a product or a service.
  • The student creates and interprets a cost-volume-profit analysis.
  • The student creates and interprets a master budget
  • The student calculates, discusses, and interprets budget variances.

Grading

The final grade is composed based on the following categories:
Written Exam determines 100% of the final mark.

Within the Written Exam category, the following assignments need to be completed:

  • Written Exam with a relative weight of 1 which comprises 100% of the final mark.

Additional info regarding evaluation

The exam will be graded by positive scoring using a ‘Higher Pass Mark’ (standard setting). So no points will be deducted for a wrong answer.

Allowed unsatisfactory mark
The supplementary Teaching and Examination Regulations of your faculty stipulate whether an allowed unsatisfactory mark for this programme unit is permitted.

Academic context

This offer is part of the following study plans:
Master of Management: Standaard traject (only offered in Dutch)