Terminology and definitions used in the accounting language.
Identify why accounting is a necessary skill.
Summarize the history of accounting.
Identify and describe assets, liabilities and owners' equity.
Demonstrate the effects of business transactions on the accounting equation
Recognize and compare the major financial reports.
Describe and create a company's Income Statement.
Compare and contrast a company's revenue, expenses, income, and retained earnings.
Identify the key elements of a Balance Sheet.
Balance the accounting equation and properly chart debits and credits.
Describe the accounting cycle.
Define key terms: inventory, FIFO, LIFO, Cost of Goods Sold.
Summarize cash flow, identify fixed assets, and describe depreciation.
Know what to expect in an audit.