Ch3 Outline

Ch3 Outline - CHAPTER 3 The Accounting Information System...

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CHAPTER 3 The Accounting Information System LEARNING OBJECTIVES 1. Understand basic accounting terminology. 2. Explain double-entry rules. 3. Identify steps in the accounting cycle. 4. Record transactions in journals, post to ledger accounts, and prepare a trial balance. 5. Explain the reasons for preparing adjusting entries. 6. Prepare financial statements from the adjusted trial balance. 7. Prepare closing entries. 8. Explain how to adjust inventory accounts at year-end. *9. Differentiate the cash basis of accounting from the accrual basis of accounting. *10. Identify adjusting entries that may be reversed. *11. Prepare a 10-column work sheet. LECTURE OUTLINE It is assumed that all students have completed at least one course in elementary accounting principles. Therefore, students should already be familiar with the mechanics of journalizing, posting, and preparing adjusting entries and financial statements, etc. An important objective of a review of these procedural details is to prepare students: (1) to progress from mere memorization of required journal entries to an understanding of the entries’ impact on the
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Ch3 Outline - CHAPTER 3 The Accounting Information System...

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