The instructor and student pilot reported the student pilot was practicing landings. During the first landing, after crossing the runway numbers, the airplane touched down and "ballooned" back up into the air. The airplane "bounced" on the runway a second time and the instructor pilot told the student to apply full power and perform a go around. The student applied full power and pulled back hard on the control yoke. The nose of the airplane pitched up, the airplane drifted to the left and stalled, subsequently impacting terrain off the left side of the runway. No mechanical malfunction/failure with the airplane that would have precluded normal airplane operation was reported.