The nature and functions of accounting -- The accounting profession -- The elements of an accounting system -- The business cycle and the accounting system -- Two fundamental accounting concepts -- Financial statements and the basic accounting model -- Analysis of transactions -- The accounts system -- Classification of accounts -- Journalising and posting -- Recording of cash receipts and cash payments in appropriate books of prime entry -- The trial balance -- Adjustment of accounts at the end of the financial period -- The closing process -- Use of a worksheet in the adjustment and closing-off process -- The structure of financial statements -- The trading concern: profit determination, closing entries and financial statements -- Subsidiary ledgers and control accounts -- Value added tax -- The trading concern: debtors journal, cash receipts journal, returns -- The trading concern: recording of transactions in the creditors journal and the cash payments journal -- Departmental journals and financial statements -- Control over and recording of cash -- Reconciliation of the bank statement with the cash book -- Debtors: credit control -- Provision for doubtful debts -- Stock -- Fixed assets and depreciation -- Methods of calculating depreciation -- The sale and scrapping of fixed assets -- Fixed assets registers -- Creditors -- Employee remuneration and wage reccords -- Manufacturing concerns -- Clubs and other non-profit organisations -- The accounting entity: legal personality and different types of undertakings -- Partnerships: legal and other aspects -- Partnerships: sharing of profits, interest on capital and salaries -- Partnerships: financial statements of partnerships -- Partnerships: admittance of a new partner -- Partnerships: the retirement or death of a partner -- Generally accepted accounting practice (GAAP) -- Companies: the company as a form of undertaking -- Companies: accounting aspects -- Close corporations -- Annual financial statements of close corporations -- Uses and limitations of financial statements -- The methods of analysing financial statements -- Selected profitability ratios.