Chapter 1 Financial accounting Table of contents • Chapter overview • Key concepts • Learning objectives • Lecture outline • Answers for end of chapter exercises • Answers for end of chapter problems • Enrichment modules: − Exercises − Problems − Cases • Enrichment module solutions: − Exercises − Problems − Cases Chapter overview To understand the financial health of a business, one needs to understand the language of business, and that language is accounting. The more eloquent you are in accounting the better you will be understanding business health. Keeping this overall purpose in mind, this chapter introduces the basic terms, principles and rules of accounting that constitute the grammar of ac