Part 1
Introduction

Chapter 1
An Overview of Accounting

Learning Objectives

1.Basic Accounting Process

●Get to know the names of books, accounts, and financial statements

●Define recording, analysing and summarising financial data

2.Businesses and Users of Financial Information

●Define different types of business entities—sole trader, partnership, and limited liability company

●Identify users of financial information and their different information needs

●State the two types of accounting

3.The Structure of Main Financial Statements

●Statement of Financial Position (SOFP)

●Statement of Profit or Loss (SOPL)