2: The Accounting Process
- Page ID
- 20077
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Learning objectives
- LO1 – Describe asset, liability, and equity accounts, identifying the effect of debits and credits on each.
- LO2 – Analyze transactions using double-entry accounting.
- LO3 – Prepare a trial balance and explain its use.
- LO4 – Record transactions in a general journal and post in a general ledger.
- LO5 – Define the accounting cycle.