LO2-01: Understand routine economic events - transactions - and determine their effects on a company's financial position and on specific accounts.
LO2-02: Describe the steps in the accounting processing cycle.
LO2-03 and LO2-04: Analyze and record transactions using journal entries. Post the effects of journal entries to general ledger accounts and prepare an unadjusted trial balance.
LO2-05: Identify and describe the different types of adjusting journal entries.
LO2-06: Record adjusting journal entries in general journal format, post entries, and prepare an adjusted trial balance.
LO2-07: Describe the four basic financial statements.
LO2-08: Explain the closing process.