ACER1What I Need to KnowWelcome to this module. In this module you will learn how to record businesstransactions, generate financial information and communicate them to different users.This is your tool to keep track of the operations of your business, know how muchshould you collect, determine your capability to meet the currently maturingobligations, know the levels of your profitability, cash position, and communicate themto management and other interested parties such as the Bureau of Internal Revenueand Local Government Unit for tax and regulation purposes.This module is divided into four lessons:Lesson 1 – Perform bookkeeping tasksLesson 2 – Prepare an income statement and a balance sheet,Lesson 3 – Identify where there is a profit or loss for a business, Lesson 4 –Interpret financial statements (balance sheet, income statement),cash flowprojections, and summary of sales and cash receiptsTo be able to completely learn this module, you need to know and understandthe basic concepts of bookkeeping and apply the same by performing bookkeepingtasks, prepare income statement and balance sheet, interpret financial statements,identify whether the business is profitable or not and most importantly, you will beableto generate overall report on the company’s financial status.ACER2
