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|\n| 1.2 Objectives of the financial statements |\n| 1.3 Users and their needs |\n| 1.4 Separating your economic transactions from your personal transactions |\n| 1.5 Definitions and explanations used in this module |\n| 1.6 Illustrative example |\n| 1.7 Recording transactions using an accounting worksheet |\n\n1.8 Exercises  \n1.1 What is accounting?  \nAccounting supplies information which decision -makers rely on in the allocation of scarce resources .  \n\n| Transactions take place |  |  |  | |  |  | |  |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n|  |  |  |  |  |  |  |  |  |\n|  |  |  |  |  |  |  |  |  |\n\n1.1 What is accounting?  \nAccounting supplies information which decision -makers rely on in the allocation of scarce resources .  \n\n| Transactions take place |  | | Record the transactions |  |  |  | |  |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n|  |  |  |  |  |  |  |  |  |\n|  |  |  |  |  |  |  |  |  |\n\n1.1 What is accounting?  \nAccounting supplies information which decision -makers rely on in the allocation of scarce resources .  \n\n| Transactions take place |  | | Record the transactions |  | | Prepare financial\u003Cbr>statements |  |  |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n|  |  |  |  |  |  |  |  |  |\n|  |  |  |  |  |  |  |  |  |\n\n1.1 What is accounting?  \nAccounting supplies information which decision -makers rely on in the allocation of scarce resources .  \n\n| Transactions take place |  | | Record the transactions |  | | Prepare financial\u003Cbr>statements |  | | Users of financial information (financial statements) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n|  |  |  |  |  |  |  |  |  |  |\n|  |  |  |  |  |  |  |  |  |  |\n\nFinancial statements  \nBalance sheet  \n• Statement of financial position  \n• Snapshot of financial position  \n• What it owns, owes, and equity (or capital)  \nIncome statement  \n• Statement of Profit of Loss (or Comprehensive income)  \n• Measures whether the business made a profit or loss  \n• Performance measure  \nCash flow statement  \n• How much cash was generated by the business and how much was utilized by the business  \n1.2 Objectives of the financial statements:  \nFinancial statements provide information that:  \n• Helps current or potential users to make a rational decision about their investments or loan to the business  \n• Helps lenders decide whether or not to provide finance to the business  \n• Helps to assess the amount, timing and uncertainty of future cash flows  \n• Helps lenders to see whether or not the business can pay interest and repay the loan  \n• Show the economic resources, rights and obligations of the enterprise, and events that may affect them","cbCaiaVB4Sb4Xr42","https://ap.wps.com/l/cbCaiaVB4Sb4Xr42","pdf",1571041,65,"English","# Learning outcomes\n# Module topics\n## 1.1 What is accounting?\n## 1.2 Objectives of the financial statements\n## 1.3 Users and their needs\n## 1.4 Separating economic and personal transactions\n## 1.5 Definitions and explanations used in this module\n## 1.6 Illustrative example\n## 1.7 Recording transactions using an accounting worksheet\n# Exercises","[{\"question\":\"What is accounting and why is it important?\",\"answer\":\"Accounting supplies information that decision-makers rely on when allocating scarce resources. It supports better judgments for users of financial information.\"},{\"question\":\"What are the main objectives of financial statements?\",\"answer\":\"Financial statements provide information that helps users make rational investment or lending decisions, assess future cash flows, and evaluate whether the business can pay interest and repay loans. They also present the enterprise’s economic resources, rights, and obligations.\"},{\"question\":\"How do you prepare simplified financial statements in this module?\",\"answer\":\"The module guides learners to prepare a straightforward balance sheet, a simplified income statement, and a simplified cash flow statement. It also teaches how to record transactions using an accounting worksheet.\"}]","Module 1 - Accounting: an introduction | PDF",164]