Conceptual

Explain the purpose and importance of accounting in the information age. Identify users and uses of accounting. Identify opportunities in accounting and related fields. Explain why ethics are crucial to accounting. Explain generally accepted accounting principles and define and apply several key accounting principles. Appendix 1B—Identify and describe the three major activities of organizations.

Analytical

Define and interpret the accounting equation and each of its components. Analyze business transactions using the accounting equation. Compute and interpret return on assets. Appendix 1A—Explain the relation between return and risk.

Procedural

Identify and prepare basic financial statements and explain how they interrelate.