- Describe the objectives of accounting
systems
- Explain the fundamental components of an internal control
system, why it is critical, what to control and how accounting
systems provide controls
- Demonstrate a sound understanding of both
the accounting cycle and the double entry accounting system
- Record cash and credit transactions
- Prepare and apply adjusting entries at the
end of the period
- Prepare a worksheet and financial statements
for a service business and a merchandising business
- Describe GAAP and apply it in the process
of preparing financial statements
- Describe what each financial statement communicates
- Prepare the classified balance sheet
- Prepare the multi-step income statement
- Prepare and post closing entries
- Calculate and judge: liquidity,
growth, stability
& profitability measurements
- Identify specific journals for each type of transaction,
& post the journals
- Complete the entries for petty
cash; start, reimburse and increase / decrease
- Prepare the bank reconciliation and
journalize the entry
- Record the components and structure of shareholder's equity
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