Principles of Financial Accounting (ACCT 201) is a College of Business and Administration requirement. It is provided as a core course in the second-year, third level with three credit hours (3-1- 3). This course is designed to give students an introduction to financial accounting’s concepts and principles under the International Financial Reporting Standards (IFRS). It offers an understanding of the accounting cycle, financial statements, and procedures for handling transactions related to both service and merchandising businesses. Emphasizes is placed on the accounting treatment of inventory as a significant asset of the merchandising firms, the accounting procedures for different types of receivables, and the importance of cash and internal control in business entities. Also, this course outlines some other elements of financial statements, including plant assets, natural resources, and intangible assets.
