This course presents the underlying framework and concepts of Financial Accounting in the context of how accounting fits into the overall business environment of contemporary society. Financial accounting is the basic means of recording and reporting financial information in a business. Students will learn how accounting functions support economic decision making and provides value to entities and society. Students will discover the uses of financial statements and related information and apply analytical tools in making both business and financial decisions. Students will study the basic accounting system and will be shown how the various accounting alternatives for recording financial transactions impact on the usefulness of the information provided for decision-making. At the end, students will be able to prepare ledger accounts and closing them off, trial balance, income statement (Profit & Loss account) and balance sheet of the organization.