This subject introduces students to the basic framework and fundamental principles of accounting. The aim of the accounting cycle is to record financial activity and convert that information into a meaningful set of reports to support decision making. Students will gain an indepth understanding of each stage of this cycle and examine the nature of business transactions, focusing on a practical approach to recordkeeping and the preparation of financial statements. This subject requires students to master double entry bookkeeping and provides a basic introduction to financial recording and reporting.