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Learning Objectives
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Learning Objectives are classified as conceptual, analytical, or procedural.

After completing this chapter you should be able to:

Conceptual
C1 Explain the importance of periodic reporting and the time period assumption.
C2 Explain accrual accounting and how it improves financial statements.
C3 Identify the types of adjustments and their purpose.
Analytical
A1 Explain how accounting adjustments link to financial statements.
A2 Compute profit margin and describe its use in analyzing company performance.
Procedural
P1 Prepare and explain adjusting entries.
P2 Explain and prepare an adjusted trial balance.
P3 Prepare financial statements from an adjusted trial balance.
P4 Appendix 3A—Explain the alternatives in accounting for prepaids.





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