The module helps students to recognise the scope of financial statements and the users’ and stakeholders’ needs in the context of financial reporting. It points out the qualitative characteristics of financial information. It stresses out the use of ledger accounts, books of prime entry and journals. It familiarises students with recording transactions regarding sales and purchases, cash, inventory, tangible non-current assets, depreciation, intangible non-current assets and amortisation, accruals and prepayments, receivables and payables, provisions, capital structure and finance costs. Furthermore, it explains correction of errors, control accounts and reconciliations and suspense accounts. It provides the knowledge of preparing a trial balance. Finally, the module demonstrates the preparation of statements of financial position and statements of profit or loss and other comprehensive income.