This module introduces the basic principles of accounting theory and practice. Primary areas of study include the task of recording transactions, processing the recorded data and the preparation of financial reports, such as Statement of Financial Performance, Statement of Financial Position and Statement of owners’ equity, for use by managers, owners, creditors, government agencies etc.  The course will describe the different ways a business might be organized and takes an introductory look at how accountants analyze the effects of business transactions.Other areas to be covered will include merchandising operations and inventory management.