The following list are the things I learnt from Chapter-1:

• Three activities of accounting: Identification, Communication & Recording.
• I learned about internal and external users.
• Ethics and recent financial scandals.
• We were taught how to do transaction analysis and make financial statements.
• The basic accounting equation and it's use.
• Building blocks of accounting.
• Organization involved in standard setting like SEC,FASB,IASB.