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By the end of this chapter, you should be able to:
➔ discuss the purpose of accounts to different stakeholders
➔ examine the principles and ethics of accounting practice
➔ prepare and interpret final accounts, namely the profit and loss
account and the balance sheet
➔ describe the different types of intangible assets
➔ calculate and distinguish between the straight-line and reducing-
balance depreciation methods (HL only)
➔ explain the strengths and weaknesses of the straight-line and
reducing-balance methods (HL only).