Upon successful completion of the learning experience, students will be able to explain the foundational principles and objectives of accounting; analyze business transactions and record them using Generally Accepted Accounting Principles (GAAP); define assets, liabilities, and equity, and apply the specific rules governing their treatment in accounting; perform the steps of the accounting cycle; create the four major financial statements: income statement, balance sheet, statement of stockholders' equity, and cash flow statement; and apply ratio and trend analysis to financial statements to aid in decision-making.