01. Understand the accounting environment, the nature of financial accounting information, its users and uses, the types of business entities and the assumptions on which accounting is based.

Activities:

1. Explain the nature and purpose of accounting, both financial and management accounting practices. 2. Identify the principal users of accounting information and their information needs. 3. Discuss the various forms of business organisation. 4. Distinguish between cash-based and accrual-based accounting systems. 5. Discuss the conceptual framework and generally accepted accounting principles (GAAP).

02. Appreciate the nature of assets, liabilities, owners# equity, revenues and expenses and the principal financial statements.

Activities:

1. Identify and discuss the nature, types and classifications of assets, liabilities, owners# equity, revenues and expenses. 2. Explain the functions of the financial statements.

03. Analyse and record transactions in a simple accounting system.

Activities:

1. List the rules of debit and credit and explain the double entry recording system. 2. Explain and account for the stages of the accounting cycle: # Analysis of transactions; # Journalise transactions; # Post journal entries to ledger; # Prepare various trial balance(s); and # Journalise and post end of period adjusting and closing entries.

04. Prepare basic financial reporting statements: Income Statement, Statement of Changes in Equity, Balance Sheet and Cash Flow Statement

Activities:

Complete the accounting cycle and prepare correctly classified financial statements.

05. Apply specific accounting practices to particular categories of current assets (inventories, cash, and receivables) and non-current assets.

Activities:

1. Discuss the nature and types of current and non-current assets. 2. Account for current assets (cash, receivables and inventories). 3. Discuss control issues for cash and receivables. 4. Account for non-current assets (purchase, maintenance, improvement, sale, depreciation).

06. Discuss and account for liabilities and equity.

Activities:

1. Discuss the nature and types of liabilities. 2. Account for liabilities and equity

07. Analyse financial information and critically examine taken-for-granted assumptions and about accounting and its association with organisational and economic activity

Activities:

1. Critically discuss the objectives of accounting, and the nature and uses of financial accounting information. 2. Apply basic tools and techniques of financial statement analysis. 3. Discuss results of FSA for various users of financial statements.