- LO1 – Explain how the timeliness, matching, and recognition GAAP require the recording of adjusting entries.
- LO2 – Explain the use of and prepare the adjusting entries required for prepaid expenses, depreciation, unearned revenues, accrued revenues, and accrued expenses.
- LO3 – Prepare an adjusted trial balance and explain its use.
- LO4 – Use an adjusted trial balance to prepare financial statements.
- LO5 – Identify and explain the steps in the accounting cycle.
- LO6 – Explain the use of and prepare closing entries and a post-closing trial balance.