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Learning Objectives
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Learning Objectives are classified as conceptual, analytical, or procedural.

After completing this chapter you should be able to:

Conceptual
C1 Explain the purpose and importance of accounting.
C2 Identify users and uses of, and opportunities in, accounting.
C3 Explain why ethics are crucial to accounting.
C4 Explain generally accepted accounting principles and define and apply several accounting principles.
C5 Appendix 1B—Identify and describe the three major activities of organizations.
C6 Appendix 1C—Understand the IASB Conceptual Framework.
Analytical
A1 Define and interpret the accounting equation and each of its components.
A2 Compute and interpret return on assets.
A3 Appendix 1A—Explain the relation between return and risk.
Procedural
P1 Analyze business transactions using the accounting equation.
P2 Identify and prepare basic financial statements and explain how they interrelate.





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