This module is intended to equip the student with the necessary skills which should enable the student to apply the basic principles of accounting and keep proper records required to ascertain the financial results and financial position of the sole proprietors and non-profit organisations, as well as prepare proper books from incomplete records. The Module covers at the basic accounting equation, the double entry system, inventory valuation, the trial balance, Books of original entry, capital expenditure and revenue expenditure, depreciation of non-current assets, bad debts and provisions for bad debts, accruals and prepayments, control accounts, suspense accounts. The Module also covers incomplete records, receipts and payments accounts, income and expenditure accounts, manufacturing accounts, departmental accounts, joint venture accounts.