This is the first course of the two-semester sequence of principles of financial accounting, which will be taught in English. This course provides an introduction to financial accounting which includes a study of financial statements of business entities and the measurement and reporting of assets, liabilities, equity, revenues, expenses, and cash flows. Students will be exposed to the procedures and practices involved in recording and processing economic transactions in an accounting information system. The course is also intended to help students understand how business and economic information is generated in the accounting process.