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Financial Accounting Principles

Course Description: In accordance with International Financial Reporting Standards (IFRS), this course covers the fundamental principles and concepts of financial accounting. It includes a study of the accounting equation, the accounting cycle steps, accrual and cash basis of accounting, the preparation of financial statements, and the measurement, presentation, and disclosure of financial statement elements.
Credit hours: 3
Objectives of the course :

Upon completion of this course, it is expected that the student will be able to do the following:
• Defines accounting, its importance, its relationship with other sciences, and its role in communicating information.
• Defines general concepts, principles, and assumptions of financial accounting.
Analyzes financial events using the accounting equation and explains how financial statement information is used in decision-making.
• Executes the accounting cycle steps by: analyzing financial events, recording in the general journal, posting to T-accounts, and preparing a trial balance.
• Distinguishes between the cash basis and accrual basis in accounting, and applies the accrual basis to expenses and revenues.
• Prepares financial statements.

Course outputs :

1.1 Terminology and Concepts Related to Foundational Knowledge in Various Financial Accounting Fields
1.2 Explanation, Interpretation, and Summary of Core Knowledge in Various Financial Accounting Fields
1.3 Application of Fundamental Knowledge in Various Financial Accounting Areas

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  • Last updated: 2026-04-26

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