LO3-01: Identify the steps in the accounting cycle and discuss the ro le of accounting records in an organization.
LO3-02: Describe a ledger account and a ledger.
LO3-03: Understand how balance sheet accounts are increased or decreased.
LO3-04: Explain the double-entry system of accounting.
LO3-05: Explain the purpose of a journal and its relationship to the ledger.
LO3-06: Explain the nature of net income, revenue, and expenses.
LO3-07: Apply the realization and matching principles in recording revenue and expenses.
LO3-08: Understand how revenue and expense transactions are recorded in an accounting system.
LO3-09: Prepare a trial balance and explain its uses and limitations.
LO3-10: Distinguish between accounting cycle procedures and the knowledge of accounting.