$6.$ Know the accounting equation $($including what affects Retained Earnings and how each item affects it$)$ and the definition of all its components,

$7.$ Know the four financial statements and the proper order of preparation.

$8.$ Be able to determine the balance in Retained Earnings at the end of the accounting period.

$9.$ Be able to determine Net Income or Net Loss.

$10.$ prepare a balance sheet in proper format