1. Define accounting, identify business goals and activities, and describe the role of accounting in making informed decisions.
2. Identify the many users of accounting information in society.
3. Explain the importance of business transactions, money measure, and separate entity to accounting measurement.
4. Identify the three basic forms of business organization.
5. Define financial position, state the accounting equation, and show how they are affected by simple transactions.
6. Identify the four financial statements.
7. State the relationship of generally accepted accounting principles (GAAP) to financial statements and the independent CPA’s report, and identify the organizations that influence GAAP.
8. Define ethics and describe the ethical responsibilities of accountants.