MODULE 3: Accounting and Finance

Unit 3.1: Accounting

Coordinators:  Batkhuyag Myagmar, Mongolian University of Life Sciences

Lecturer:  Undargaa L., Mongolian University of Life Sciences, a Guest lecturer from the List of teachers within the AGRIMBA network (Annex 1)

Accounting for agribusiness

To improve theoretical knowledge applied skills, and competence in accounting.

• Accounting System and Financial Statements
• Financial Accounting
• Cost and Managerial Accounting
• Payroll Accounting
• Advanced Accounting
• International Financial Reporting Standards

Lectures (8 hours)

Interaction with students (4 hours)

Self-guided group work

1. Single and Double Journal Entry Systems; Transaction, Documentation, and Accounting Cycle; and Types of Financial Statements
2. Types of Business Organizations; Classification of Assets, Liabilities, and Equity; Historical Cost Principle; Initial Recognition and Valuation of Assets, Liabilities, and Equities
3. Cost vs Expenses; Classification of Costs; Production Costs (Direct, Indirect and Overhead Costs), and Cost Accumulation and Allocation Methods
4. Payroll Systems; Salary Withholding Tax (Personal Income Tax or PIT); Legal Environment and Regulation of Payroll Accounting
5. Mergers and Acquisitions; Financial Statement Consolidation (Purchase and Interest Pooling methods)
6. Business Globalization and Introduction to International Accounting Standards; Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS)

Carrying out of accounting problems and evaluation tests

Written and oral exam

Agricultural Accounting: A Practitioner’s Guide, 2016, Steven M. Bragg