Accounting Concepts and Systems

Upon completionof this course, you will be able to understand:

• Key elements of an accounting system.
• Different types of accounting adjustment.
• The impact of accounting adjustment on reported results.
• How to prepare basic primary financial statements.

• Statement of comprehensive income (income statement)
• Statement of financial position (balance sheet)
• Statement of cash flows
• Preparing a set offinancial statements
• The income statement:cost of sales working
• Underlying concepts: measurement rules and fundamental accounting concepts
• Three further property, plant and equipment issues
• Recording accounting information