To be successful in Intermediate Financial Accounting, it is imperative for a student to have a strong foundational knowledge of all Introductory Financial Accounting concepts. The purpose of Lesson 1 is to help a student identify any weaknesses in their Intro Accounting knowledge. Lesson 1 consists of a series of labs intended to help a student identify any knowledge gaps. If a weakness comes to light, the student is encouraged to go back to that concept in Intro Accounting and review in detail. It is the student’s responsibility to ensure they come into Intermediate Financial Accounting with the appropriate prerequisite knowledge.