Conceptual objectives:

1. Explain the steps in processing transactions and the role of source documents.
2. Describe an account and its use in recording transactions.
3. Describe a ledger and a chart of accounts.
4. Define debits and credits and explain double-entry accounting.

Analytical objectives:

1. Analyze the impact of transactions on accounts and financial statements.
2. Compute the debt ratio and describe its use in analyzing financial condition.

Procedural objectives:

1. Record transactions in a journal and post entries to a ledger.
2. Prepare and explain the use of a trial balance.
3. Prepare financial statements from business transactions.