This book recognizes the fear faced by many law students and to a great extent the practicing lawyer concerning accounting and seeks to provide a basic and simplifi ed understanding to accounting principles for those who have no previous accounting background while at the same time introducing some advanced topics for students with previous exposure and thus a deeper scope of accounting principles. The book also sought to incorporate key accounting principles and relevant changes and developments in the Kenyan industry. A comprehensive glossary of terms has been provided to assist learners in grasping key meanings and explanations