There are 12 chapters to the games story mode and there are 3 achievements that can be earned. Each chapter has 4-5 battles and the cut scenes CAN be skipped if you wish to at any time by hitting
and selecting "skip". The 12 chapters are as follows:
Cassie Cage: 4 fights
Kotal Kahn : 4 fights
Liu Kang/Kuno Lao: 4 fights (you choose which fighter each battle)
Scorpion/Sub-Zero: 4 fights (you choose which fighter each battle)
Jade: 4 fights
Johnny Cage: 4 fights
Kitana: 4 fights
Sonya Blade: 4 fights
Jax/Jacqui Briggs: 5 fights (you choose which fighter each battle)
Scorpion: 4 fights
Raiden: 5 fights
Liu Kang: 4 fights
After the First battle of the 7th chapter you will earn the achievement for completing 50% of the story mode. and After the 4th fight of the 12th chapter you will get your 100% achievement. After the credits roll you will also get the achievement for watching them (even if you skip them)