Accounting and Taxation in Estonia
Course code
EAN6120.YK
old course code
EAN6120
Course title in Estonian
Raamatupidamine ja maksustamine Eestis
Course title in English
Accounting and Taxation in Estonia
ECTS credits
5.0
Assessment form
Examination
lecturer of 2023/2024 Spring semester
Not opened for teaching. Click the study programme link below to see the nominal division schedule.
lecturer of 2024/2025 Autumn semester
Not opened for teaching. Click the study programme link below to see the nominal division schedule.
Course aims
The purpose of this subject is to provide a basic understanding of the theories, principles, and applications of accounting. It also provides an overview of the Estonian tax code.
Brief description of the course
The course introduces the basic principles of accounting theories and practice, emphasizing small and medium size enterprises. It also teaches substantive Estonian Tax law. Primary areas of study include the theory of debit and credit, accounts, and special journals, the accounting cycles, notes and interests, accruals and deferrals, receivables, inventory, plants assets and the preparation of financial statements. The student learns on how to analyze the tax situation and issues, and how to use the applicable tax law and ultimately to learn the political and social impacts on the tax law.
Learning outcomes in the course
Upon completing the course the student:
Upon successful completion of this course, the student is able to:
List and use the basic accounting equation and the rules of debits and credits;
Utilize the basic steps of the accounting cycle using ledgers and special journals;
Describe and summarize internal control procedures for cash including bank reconciliations and petty cash;
Journalize entries for uncollected receivables including the direct write-off methods and the allowance method;
Describe and compute the cost of inventory using three methods for both the perpetual and the periodic methods and compute the valuation of inventory at other than cost;
Compute the depreciation and journalize entries for the disposal of fixed assets, depletion, and intangible assets;
Journalize entries for notes receivable, notes payable, and product warranties and determine employer liability for payroll;
Understand the fundamentals of income taxation rules for employers and employees;
Differentiate between the terms marginal, average, and effective rate of tax;
Compute and file tax returns;
Identify fundamental considerations involved in tax planning;
Describe issues and controversies in current tax law and items which could be subject to revision in the future.
Upon successful completion of this course, the student is able to:
List and use the basic accounting equation and the rules of debits and credits;
Utilize the basic steps of the accounting cycle using ledgers and special journals;
Describe and summarize internal control procedures for cash including bank reconciliations and petty cash;
Journalize entries for uncollected receivables including the direct write-off methods and the allowance method;
Describe and compute the cost of inventory using three methods for both the perpetual and the periodic methods and compute the valuation of inventory at other than cost;
Compute the depreciation and journalize entries for the disposal of fixed assets, depletion, and intangible assets;
Journalize entries for notes receivable, notes payable, and product warranties and determine employer liability for payroll;
Understand the fundamentals of income taxation rules for employers and employees;
Differentiate between the terms marginal, average, and effective rate of tax;
Compute and file tax returns;
Identify fundamental considerations involved in tax planning;
Describe issues and controversies in current tax law and items which could be subject to revision in the future.
Teacher
Study programmes containing that course