Overview
This module covers the fundamental accounting framework and double-entry principles, including the accounting equation, debit and credit rules, and general journal usage. Topics include asset liability equity relationships, dual effect of transactions, and journal format and postings.
1. Accounting equation and account types
- Assets, liabilities, and equity relationships
- Income and expenses classification
- Capital vs revenue expenditure
2. Double-entry principles
- Debit and credit rules by account
- Dual effect and narrative of entries
- Opening balances, capital, and drawings