Describe the function and primary focus of financial accounting.
Explain the difference between cash and accrual accounting.
Define generally accepted accounting principles (GAAP) and discuss the historical development of accounting standards.
Explain why the establishment of accounting standards is characterized as a political process.
Explain the purpose of the FASB's conceptual framework.
Identify the objectives of financial reporting, the qualitative characteristics of accounting information, and the elements of financial statements.
Describe the four basic assumptions underlying GAAP.
Describe the four broad accounting principles that guide accounting practice.