What we have learned from chapter 1 is:

1.      What Accounting is.

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