| 1 | Explain the role of accounting in society. |
| 2 | Distinguish among the different accounting entities involved in business events. |
| 3 | Name and define the major elements of financial statements. |
| 4 | Describe the relationships expressed in the accounting equation. |
| 5a, 5b | Record business events in general ledger accounts organized under an accounting equation. |
| 6 | Explain how the historical cost and reliability concepts affect amounts reported in financial statements. |
| 7 | Classify business events as asset source, use, or exchange transactions. |
| 8 | Use general ledger account information to prepare four financial statements. |
| 9 | Record business events using a horizontal financial statements model. |
| 10 | Explain how to use the price-earnings ratio and growth percentage analysis to assess the market value of common stock. |
| 11 | Identify three types of business organizations and some of the technical terms they use in their real world financial reports. |
