The course forms the second half of a two-semester course in financial accounting and reporting that is required for all business students.  This course concentrates on the fundamentals of accounting for assets, liabilities, and equities for corporations.  It begins with Internal Control Systems, followed by Short Term Liquid Assets, Long Term Assets, Current Liabilities, Long Term Liabilities and Corporations.


The course forms the first half of a two-semester course in international financial accounting and reporting that is required for all business students. This course concentrates on basic bookkeeping including invoicing, receipts and payments, recording income and expenditure, the preparation of ledger accounts and the preparation of an initial trial balance. It provides the basic techniques required to enable students to prepare financial statements for various enterprises at a later stage. This accounting course exposes business students to follow International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs) in the preparation of final accounts of a sole trader, partnership, and corporation.


The course introduces the student to the history and purposes of taxes within an economy. Taxation will concentrate on the Belizean taxation system and trace the history of taxes in Belize. In addition, the course will examine the impact of taxation in the Belizean environment. Students will also be exposed to consumption tax and the administration and operation of taxes in Belize.

The course introduces the student to and focuses on the concepts, methods, and procedures for the development and use of cost accounting information to support and assist management in their initial cost accounting processes. Cost accounting focuses on the cost of producing goods and services, assists in controlling costs in terms of material labor, and processes, and assists in calculating the selling price of products or services using different costing models. Moreover, it exposes students to the scope, similarities, and differences between managerial and cost accounting. The course focuses on the flow of costs, the elements of cost, inventory valuation, cost behavior and allocation, and alternative costing systems such as job costing, process costing, activity-based costing (ABC), service sector costing, and marginal and absorption costing.

 Additionally, to manage organizations effectively in the dynamic business environment, internal users, such as management, require knowledge, skills and the appropriate tools in planning, controlling, organizing, and decision-making. Therefore, Managerial Accounting is concerned with providing management with information from the accounting system as well as methods and techniques from other disciplines to help these managers make informed decisions that would allow them to decide which course of action to take. Management Accounting as described by the Charter Institute of Management Accountants is “the process of identification, measurement, accumulation, analysis, preparation, interpretation, and communication of information used by management to plan, evaluate, and control within an entity and to assure appropriate use of and accountability for its resources.”

 Students will also be exposed to different tools that aid decision-making such as the budgeting process, standard costing, short- and long-term decision making including breakeven analysis, cost volume profit analysis, time value of money applications using net present value, discounted payback and internal rate of return, and non-discounting methods among others. In addition, the course introduces the student to and focuses on the concepts, methods, and procedures for the development and use of cost and managerial accounting information to support and assist management in their initial cost accounting processes, assists in controlling costs in terms of material labor, and processes, and assists in calculating the selling price of products or services using different costing models.