1. Explain, in simple terms, the generally accepted ways of solving the measurement issues of recognition, valuation, and classification.
2. Describe the chart of accounts and recognize commonly used accounts.
3. Define double-entry system and state the rules for double entry.
4. Apply the steps for transaction analysis and processing to simple transactions.
5. Prepare a trial balance and describe its value and limitations.
6. Record transactions in the general journal.
7. Post transactions from the general journal to the ledger.