In About Financial Accounting Volume 1 the reader is introduced to the subject “Financial Accounting”. Various concepts and procedures are introduced and discussed that enable the reader to record business transactions in journals, post to ledger accounts and prepare trial balances. It is thus necessary to emphasise that a thorough knowledge of all the learning content of Volume 1 is essential to continue with the learning content of Volume 2 of this textbook.

Table of contents

The function and objectives of accounting, framework for the preparation and presentation of financial statements, the financial position, the financial performance, the recording of transactions, processing accounting data, adjustments, the closing-off procedure, determining profit and preparing financial statements, cash and cash equivalents, credit granted: debtors and bills receivable, inventory, property, plant and equipment, other non-current assets, current liabilities, non-current liabilities, financial statements of a sole proprietorship, non-profit entities and incomplete records.

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