PART ONE: THE FUNDAMENTALS OF ACCOUNTING1. Entities and Balance sheets2. Income measurement: The accrual basis3. The Recording process: Journals and Ledgers4. Accounting Adjustments and Financial statement preparation5. Accounting Cycle: Recording and formal preparationPART TWO: MAJOR ELEMENTS OF BASIC FINANCIAL STATEMENTS6. Sale revenue, cash, and accounts receivable7. Valuing inventories, cost of goods sold, and gross profit8. Internal control and ethics9. Long -lived assets and depreciation10. Liabilities and interest11. Statement of cash flows12. Stockholders' EquityPART THREE: ADDITIONAL ELEMENTS OF FINANCIAL STATEMENTS13. Intercorporate investments, including consolidations14. Income tax, including interperiod allocation15. Analysis of financial statements16. Financial statements: Conceptual framework and income measurementAPPENDIX A: WAL-MART ANNUAL REPORTAPPENDIX B: RECOMMENDED READINGSGLOSSARYINDEX.