Aim 
To develop knowledge and understanding of the underlying principles and 
concepts relating to financial accounting and technical proficiency in the use of 
double-entry accounting techniques including the preparation of basic financial 
statements. 

Main capabilities 
On successful completion of this paper, you should be able to: 
A Explain the context and purpose of financial reporting 
B Define the qualitative characteristics of financial information 
C Demonstrate the use of double entry and accounting systems 
D Record transactions and events 
E Prepare a trial balance (including identifying and correcting errors) 
F Prepare basic financial statements for incorporated and unincorporated 
entities. 
G  Prepare simple consolidated financial statements 
H  Interpret financial statements