Assets, liabilities and capital, the accounting equation, and how transactions keep it in balance.
The rules of debit and credit, T-accounts, and recording transactions on both sides.
Preparing a trial balance, what it checks, and the errors it does and does not reveal.
Calculating cost of sales, gross profit and profit for the year in a trading and profit-and-loss account.
Classifying assets and liabilities and preparing a balance sheet that reflects the accounting equation.
Straight-line and reducing-balance depreciation, accruals, prepayments and irrecoverable debts.
Profitability and liquidity ratios — how to calculate and interpret gross margin, net margin, ROCE and the current ratio.
The fundamental accounting concepts and the role of control accounts and the bank reconciliation.