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Starting the Accounting Cycle
- Prepare an adjusted trial balance.
- Create adjusting entries.
- Differentiate between accrual basis and cash basis accounting.
Completing the Accounting Cycle
- Prepare a classified income statement, retained earnings statement, and balance sheet.
- Prepare closing entries, reversing entries, and a post-closing trial balance.
- Analyze the elements in the cost of goods sold calculation.
- Calculate ending inventory using the LIFO, FIFO, LCM, and average cost methods.
- Record the transactions that involve the purchase and sale of merchandise.
- Analyze the impact of inventory methods on net income or loss.
- Summarize strengths and weaknesses of an internal control system.
- Recommend improvements to internal control systems.
- Explain the effects of the Sarbanes-Oxley Act of 2002 on internal controls.
Basic Accounting Principles and Concepts
- Classify transactions using the rules of debit and credit.
- Journalize basic transactions.
- Identify the four basic financial statements.
- Post transactions from journals to ledgers.
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