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CAP Learning Objectives
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Conceptual
  1. Explain why temporary accounts are closed each period. (p. 140)
  2. Identify steps in the accounting cycle. (p. 143)
  3. Explain and prepare a classified balance sheet. (p. 146)
Analytical
  1. Compute the current ratio and describe what it reveals about a company's financial condition. (p. 148)
Procedural
  1. Prepare a work sheet and explain its usefulness. (p. 136)
  2. Describe and prepare closing entries. (p. 141)
  3. Explain and prepare a post-closing trial balance. (p. 143)





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