Analyze business transactions using the accounting equation. Identify and prepare basic financial statements and explain how they interrelate. Explain the steps in processing transactions.

Business transactions

Analyze business transactions using the accounting equation.

Identify and prepare basic financial statements and explain how they interrelate. Explain the steps in processing transactions.

Describe an account and its use in recording transactions.

Describe a ledger and a chart of accounts.

Define debits and credits and explain double-entry accounting.