What we have learned from chapter 1 is:
1. What Accounting is and its history.
2. Basic terms of Accounting. (Example: Asset, Liability, Owner’s Equity, Revenue, Gain, Expense, Cost, etc)
3. Building Blocks of Accounting Equation. (Example: Ethics in financial reporting, Assumptions, etc)
4. Types of Transaction Analysis
5. Golden Rule of Accounting: Assets = Liabilities + Owner’s Equity
6. How the whole process of Accounting works.