Familiarize yourselves with elements of the four financial statements required by GAAP.

1. Discuss accounting as the language of business and the role of financial accounting in making management decisions.
2. Explain the importance of financial accounting information for external parties primarily investors and creditors in terms of the objectives and the characteristics of that information.
3. Include a review of the income statement, statement of retained earnings, balance sheet and statement of cash flows. Your review should include their purpose and a description of their major components and key characteristics.