Principles of Accounting
Area of Study
Taught In English
Course Level Recommendations
ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.
Host University Units4
Recommended U.S. Semester Credits3
Recommended U.S. Quarter Units0
Hours & Credits
This course provides a broad understanding of business transactions and financial statements, evolution of accounting, recording and classifying financial transactions, preparation of financial statements, characteristics of various types of accounts, accounting principles, the usefulness and limitations of accounting information.
After successful completion of the course students will be able to:
- Define and apply financial accounting terms
- Explain and apply the basic financial accounting concepts and principles
- Analyze, record, and report transactions for service and merchandising businesses
- Prepare the basic financial statement set; a statement of financial position, a statement of comprehensive income, a retained earnings statement and a cash flow statement
- Understand properly accounting for inventories
- Understand accounting for accounts receivable
- Understand accounting for plant assets, natural resources and intangible assets
- Understand accounting for shareholders’ equity and dividends.
Objectives of development/revision
To merge the most effective components of Fundamental Accounting and Principle of Accounting into one course in order to keep the course updated with current developments in the Accounting Practice.
Expected outcome on students’ skill and knowledge
By engaging in practical tasks and assignments that reflect those of the business environment, students will have the confidence and ability to express themselves in English in an industry where a high level of English skills are expected
The teaching philosophy is that students learn by doing and therefore the focus is on minimizing the lecture style of course delivery and taking a problem solving approach to language development through facilitation and guidance by the lecturer. The onus is on students to take the initiative and control of their learning. Assessment is continual, with less emphasis on the ‘zero sum’ game of mid-term examinations and finals.
Texts and main documents
- Weygandt Kieso and Kimmel “Financial Accounting, with Annual Report” (6th Edition),John Wiley & Sons, Inc. ISBN: 978-0-471-65527-5
Documents and important information
- Writings, articles and news from textbooks, professional journals and newspapers
- Students’ work
- Assessment Criteria for evaluations
Courses and course hours of instruction are subject to change.
Some courses may require additional fees.
Credits earned vary according to the policies of the students' home institutions. According to ISA policy and possible visa requirements, students must maintain full-time enrollment status, as determined by their home institutions, for the duration of the program.
Availability of courses is based on enrollment numbers. All students should seek pre-approval for alternate courses in the event of last minute class cancellations