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Importance of Reporting
Various Types of Reports
Basic Types of Financial Statements
Types of Payment Documents
Importance/Requisites/Requirements of Payment Documents
100
Who is the subject of the information provided in reporting? (Who is the information provided about?)
The company (business subject).
100
Characterise managerial accounting.
It is a source of information based on financial accounting, it brings selected data from financial accounting.
100
Name the 5 basic financial statements. Where can you find them?
Balance sheet, Profit and Loss Account, Attachment to Closing Accounts (Closure), Cash Flow and Stock Holder¨s Equity. These statements are found in Auditors Reports and Annual Reports.
100
Characterise simplified tax document (receipt)
It is a proof of payment done (financial transaction). It contains the items, date, price, vat rate, amount, id and tax id of the seller, address of the seller, time of transaction, electronic evidence codes (BKP, FIK)
100
Which law defines the requirements for accounting?
Act on Accounting (Act Number 563/1991 Collection as ammended)
200
Who prepares the information?
The accountant and the auditor.
200
Who is the user of managerial accounting?
Management.
200
Characterise balance sheet.
Balance Sheet contains information about the property of the company and sources of the property. Namely: Assets, Liabilities, Stock Holders Equity.
200
Characterise invoice.
Similar to receipt it is a proof of financial transaction, it includes detailed description of both sides of the transaction and due date.
200
Is it necessary to stamp a payment document?
No.
300
Who is the information provided for?
Internal and external users.
300
Characterise financial accounting.
Accounting units must keep accounting records correctly, exactly, completly, conclusively (průkazně), understandably, clearly. The recorded numbers (data) must be kept permanently. (Records, data...must be correct, exact, complete, conclusive, understandable, clear and permanent).
300
Characterise profit and loss account.
Profit and loss account shows the financial situation in the company divided into revenue and cost.
300
Characterise proforma invoice
It is not a tax evidence (unlike regular invoice), it is a supportive document for future payment.
300
Where can you find ID and Tax ID number of a business company?
In the Commercial Register (Business Register), and in ARES (Administrative Register of Economic Subjects), run by the Ministry of Finance.
400
What is included in internal reports?
Sensitive information (budgets, plans, new projects, price policies, margin, profit)
400
Is financial accounting regulated by law?
Yes, the form and structure of information is given by the law. (Act on Accounting).
400
Characterise attachment and stockholders equity.
Attachment contains additional information to Profit and Loss Account and Balance Sheet including description of accounting methods used in preparing of such.
400
Characterise credit note (corrective tax document)
A form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account.
400
Where can you find ID and Tax ID number for foreign business companies?
In the VIES system (VAT Information Exchange System)
500
What do external (publicly accessible) reports contain?
Their form and content is strictly defined according to legislature. They contain information about the structure and financial health of the company.
500
Do you know any relevant business laws?
Act on Accounting, Act on Income Tax, Act on VAT, Act on Road Tax, Act on Property... etc.
500
Characterise cash flow.
Cash flow shows the amount of monetary means (financial means, money) flowing into and out of the company.
500
Characterise payment order.
It is an instruction to the bank to pay a certain amount of money to the partner.
500
What must be included on a tax document?
A lot of things, e.g. identification of the payer and the other company, tax id number of both sides, number of the tax document, description of items, date of issue, tax record day /datum uskutečnění plnění/, price without tax per unit, tax rate, price including the tax, identification of the currency to pay tax.