| Chapter 3: Measuring Business Income
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Chapter 3: Measuring Business Income

Learning Objectives

  1. Define net income, and explain the assumptions underlying income measurement and their ethical application.
  2. Define accrual accounting, and explain how it is accomplished.
  3. Identify four situations that require adjusting entries, and illustrate typical adjusting entries.
  4. Prepare financial statements from an adjusted trial balance.
  5. Describe the accounting cycle, and explain the purposes of closing entries.
  6. Use accrual-based information to analyze cash flows.
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