JohnWileySons,Inc.pptVIP

1 Explain the meaning of accounting. 2 Identify the users and uses of accounting. 3 Understand why ethics is a fundamental business concept. 4 Explain the meaning of generally accepted accounting principles and the cost principle. 5 Explain the meaning of the monetary unit assumption and the economic entity assumption. 6 State the basic accounting equation and explain the meaning of assets, liabilities, and stockholder’s equity. 7 Analyze the effect of business transactions on the basic accounting equation. 8 Prepare an income statement, retained earnings statement, balance sheet, and statemen