The objective is to:
1. Explain the meaning of financial statements
2. Describe the purpose of financial statements
3. Identify the key users of financial statements
4. Describe an income statement
5. Explain the treatment of stock in income statements
6. Prepare an income statement
7. Describe a statement of financial position (Balance Sheet)
8. Determine value of non-current assets, liabilities and owners’ equity
9. Prepare statement of financial position