Chapter1:Accounting concepts and principles, ethics in accounting: confidentiality,

competence,objectivity,integrity.

Chapter2: Accounting Equation: Define accounting elements, Understand accounting

equation,Understand how transactions affect accounting equation. Basic elements of accounting:

Assests,Liabilities, Capital, Revenue,Expense,Profit. Basic accounting equation:

Assets=Liabilities+Captial

Chapter3: Define account and ledger, Analyze transaction using debits and credits, Understand

double entry system,prepare a trial balance and explain its usefulness. The professor teach us that

the simplest form of the account is know as the “T” account because it resembles the letter “T”.

The left side of an account is called debit, the right side is credit.

Chapter4: Journalizing and Posting Transactions. This chapter I learned how to record transactions

in a general journal.

Chapter5: Adjusting and Closing Procedures. After completing this chapter, I am able to understand

accrual and cash basis of accounting, make adjusting entries, make closing entries and prepare

post-closing trial balance.

Chapter6: Defining and preparing the Income Statement, the Capital Statement and the Balance

Sheet.

Chapter7: Periodic and perpetual inventory systems, The type of financial jouranl, sales returns and

allowances.