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  • State the nature of the financial statements
  • Identify the various stakeholders and their information requirements;
  • Distinguish between the capital and revenue expenditure and receipts;
  • Explain the concept of trading and profit and loss account and its preparation;
  • State the nature of gross profit, net profit and operating profit;
  • Describe the concept of balance sheet and its preparation;
  • Explain grouping and marshalling of assets and liabilities;
  • Prepare profit and loss account and balance sheet of a sole proprietory firm; and prepare opening entry.

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