Explain what an account is and how it helps in the recording process and Identify the basic steps in the recording process.

Explain what accounting is. Also, Identify the users and uses of accounting.

2. Explain what an account is and how it helps in the recording process and Identify the basic steps in

the recording process.

3. Explain the accrual basis of accounting and explain the reasons for adjusting entries.

4. Explain the process of closing the books and describe the content and purpose of a post-closing trial

balance.

5. Describe the steps in determining inventory quantities and explain the accounting for inventories and

apply the inventory cost flow methods.

6. Identify the basic concepts of an accounting information system and describe the nature and purpose

of a subsidiary ledger.

7. Identify the different types of receivables and explain how companies recognize accounts

receivable.

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