Accounting - Unit 1

Unit 1 provides a comprehensive introduction to accounting systems and costing principles. It begins with the principles of accounting and double-entry bookkeeping, explaining the fundamental rules for recording financial transactions and ensuring accuracy through the use of ledgers and trial balances. The unit covers control procedures, focusing on mechanisms to maintain the integrity of accounting systems, including internal controls, reconciliations, and error detection methods. Students learn to prepare financial statements for various types of organizations, including income statements, balance sheets, and cash flow statements, adhering to recognized accounting standards. Introduction to costing provides insights into cost classification, allocation, and calculation methods, enabling students to understand how costs influence pricing and decision-making. The analysis of accounting statements teaches techniques for interpreting financial data, including profitability, liquidity, and efficiency ratios. Finally, the unit addresses social and ethical accounting, emphasizing the importance of transparency, accountability, and ethical practices in financial reporting, as well as the impact of accounting decisions on stakeholders and society.

What you'll learn