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AC110: Principles of Accounting


Course Content

Accounting has been defined as 'the language of business', and this course provides an introduction to its basic concepts, methods and practices. Knowledge of the underlying concepts of accounting, in addition to its procedures, is an essential element in the education of future managers and other professionals.

Topics covered include:

  • The uses of accounting information
  • The nature and function of accounting conventions
  • The preparation of the financial statements of business entities
  • The accounting treatment of assets and liabilities
  • Cash flow statements
  • Accounting for groups
  • Financial statement analysis

Course Outcomes

Upon completion of the course, students will be able to better understand:

  •  The fundamental concepts of accounting, and the various accounting conventions that apply these concepts
  •  The uses to which accounting information may be put
  •  Different types of accounting entity
  •  The generation of the data recorded in accounting systems
  •  The recording of basic transactions within the double-entry system
  •  The periodic measurement of profit by businesses
  •  The preparation of annual financial statements (statement of financial position, income statement, statement of cash flows) for simple businesses
  •  The various elements of financial statements: assets, liabilities and capital
  •  The regulation of financial statements
  •  Measures of profitability and liquidity, including cash flow statements
  •  The analysis and interpretation of financial accounting information
  •  Some of the problems with historical cost accounting in times of changing prices and how they might be overcome
  •  Basic issues relating to the accounting statements of groups of companies.

World-class LSE teaching

The Department of Accounting continues to enjoy a reputation as one of the leading groups in the world for teaching and research on the economic, institutional and organisational aspects of accounting and financial management. The department strives to combine 'global appeal' with a distinctive 'European orientation' in terms of institutional knowledge and affiliations, as well as intellectual traditions.

On this three week intensive programme, you will engage with and learn from lecturers from the LSE’s accounting faculty. Both AC110 course lecturers, Dr Ahmed Abdalla and Ms Saipriya Kamath, teach on a number of our undergraduate and graduate Accounting modules, including Elements of Accounting and Finance, and Elements of Accounting, Financial Institutions and Financial Management.  



P. Atrill & E. McLaney, Financial Accounting for Decision Makers, (8th Edition), Pearson (2015)

*A more detailed reading list will be supplied prior to the start of the programme

**Course content, faculty and dates may be subject to change without prior notice


Session: One

Dates: 19 June - 7 July 2017

Lecturer: Dr Ahmed Abdalla

Session: Three

Dates: 31 July - 18 August 2017

Lecturer: Ms Saipriya Kamath

(Due to popularity, this course is repeated and can be taken in either of the sessions outlined above.)

Level: 100 level

Fees: Click here for information

Prerequisites: None

Lectures: 36 hours 

Classes: 18 hours

Assessment*: Two written examinations

Typical credit**: 3-4 credits (US) 7.5 ECTS points (EU)

How to apply?

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*assessment is optional – see FAQs

**You will need to check with your home institution. Read more about credit transfer here.