Describe the effects of business transactions on the basic accounting elements: assets, liabilities, owners’ equity, revenues, and expenses.

Describe the effects of business transactions on the basic accounting elements: assets, liabilities, owners’ equity, revenues, and expenses.
Describe the language, concepts and use of financial accounts and reports.
Identify and use the sources of accounting data and information.
Identify the users of financial accounting information and the types of decisions made by users.