1.1 Purpose of accounting1.1.1 The fundamental question and the fundamental equation1.1.2 Financial and managerial accounting1.1.3 Content of accounting/basic terms1.2 Elements of financial statements1.2.1 Balance sheet1.2.2 Income statement and changes-in-equity statement1.2.3 Cash flow statement1.2.4 Notes and management report1.3 Accounting procedures1.3.1 Accounts, debiting, crediting1.3.2 Journalizing and posting1.3.3 Opening and closing of accounts1.3.4 Specific topics of double-entry accounting1.3.4.1 Taxes1.3.4.2 Received price reductions1.3.4.3 Granted price reductions