In this module students will understand the important role of the business accounting system and how to apply the accounting principles within a business. Moreover, they will identify the different forms of business organisation like: sole proprietorship, partnership and corporation and their characteristics. Students will learn about the income statement, its purpose different expense classifications, the various sources of income and its preparation and completion. Also, participants will understand the mechanics for the preparation of the balance sheet and the statement of cash flows. In general, l this module focuses on the understanding and application and discussion of accounting topics.