Q. Learning objectives of Accounting?
- Describe and identify the three basic forms of business organizations.
- differentiate between the three types of activities performed by business organizations.
- Illustrates the purposes and content of the income statement, balance sheet, statement of retained earnings and statement of cash flows.
- State the fundamental accounting equation as well as describe its relationship to the balance sheet.
- Using the underlying concepts or assumptions and analyze business transactions and determine their effects on items in the financial statements.
- Prepare a statement of retained earnings, an income statement and a balance sheet.
- Use and Analyze the financial results-the equity ratio.