In this module, you will be introduced to financial accounting and the three streams of accounting. You will learn about financial statements, the different formats of balance sheet as well as the basic structure of a balance sheet. You will also learn about the types of assets and the equation for calculating assets and owners fund.

In this module, you will be introduced to the profit and loss account. You will learn about the major components of a profit and loss account which are income and expenses. You will learn about the basic structure of the profit and loss account as well as how to calculate it. You will then be introduced to the concept of conservatism and depreciation, the methods of depreciation as well as inventory valuation.