1. Explain, in simple terms, the generally accepted ways of solving the measurement issues of recognition, valuation, and classification.



2. Describe the chart of accounts and recognize commonly used accounts.



3. Define double-entry system and state the rules for double entry.



4. Apply the steps for transaction analysis and processing to simple transactions.



5. Prepare a trial balance and describe its value and limitations.



Supplemental Objective

6. Record transactions in the general journal and post transactions from the general journal to the ledger.



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