This document provides an overview of the Principles of Accounts 1 module. It defines bookkeeping as recording business transactions and accounting as analyzing a business's financial performance. Bookkeeping involves routinely and accurately recording all financial activities, like expenses and revenues, using source documents as evidence. Accounting uses this financial information to evaluate a business's management and compare its performance over time and to other organizations. Studying this subject prepares students for careers in management by teaching important financial reporting and analysis skills.