This is the first course in a sequence of courses dealing with the profession and practice of accounting. It illustrates the analysis and design of a financial accounting system which processes financial data and produces financial reports geared to the information needs of interested parties. It introduces students to the design of accounting systems based on double-entry book-keeping and incorporating other internal controls; also, to the problems of accounting for cash, debtors, inventories and property plant and equipment. It also provides a critical introduction to the ideas underlying accounting practice and to issues associated with the uses and limitations of traditional financial reports.