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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 why temporary accounts are closed each period.
C2 Identify steps in the accounting cycle.
C3 Explain and prepare a classified balance sheet.
Analytical
A1 Compute the current ratio and describe what it reveals about a company's financial condition.
Procedural
P1 Prepare a work sheet and explain its usefulness.
P2 Describe and prepare closing entries.
P3 Explain and prepare a post-closing trial balance.
P4 Appendix 4A—Prepare reversing entries and explain their purpose.





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