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Business LibreTexts

3.1: Learning objectives

  • Page ID
  • • Describe the basic characteristics of the cash basis and the accrual basis of accounting.

    • Identify the reasons why adjusting entries must be made.

    • Identify the classes and types of adjusting entries.

    • Prepare adjusting entries.

    • Determine the effects of failing to prepare adjusting entries.

    • Analyze and use the financial results and trend percentages.

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