$-$ Analyze business transactions and explain how they are reflected in financial reports

$-$ Present the contents of general purpose financial statements

$-$ Explain the impact of different cost flow assumptions when accounting for inventory

$-$ Comment on the difference between the direct write$-$off and the allowance methods to account for receivables and uncollectible receivables

$-$ Identify the net book value of long$-$term assets and explain how they and their related expenses are reflected in financial statements

$-$ Categorize and describe various types of liabilities and equity

$-$ Examine a statement of cash flows

$-$ Use financial ratios to analyze financial statements

$-$ Discuss managerial cost concepts

$-$ Describe the allocation of overhead costs to products

$-$ Compare different types of cost behaviors and use cost$-$volume$-$profit analysis

$-$ Interpret a master budget