| 1 | Explains the basic concepts of accounting, generally accepted accounting principles, and the accounting process. |
| 2 | Records, classifies, and accounts for transactions related to asset accounts. |
| 3 | Explains the operation and applications of liability accounts and makes the related accounting entries. |
| 4 | Records, classifies, and accounts for income statement accounts and year-end transactions. |
| 5 | Prepares and interprets financial statements (balance sheet, income statement). |