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CAP Learning Objectives
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Conceptual
  1. Describe merchandising activities and identify income components for a merchandising company. (p. 178)
  2. Identify and explain the inventory assets of a merchandising company. (p. 179)
  3. Describe both perpetual and periodic inventory systems. (p. 179)
  4. Analyze and interpret cost flows and operating activities pf a merchandising company. (p. 187)
Analytical
  1. Compute the acid-test ratio and explain its use to access liquidity. (p. 193)
  2. Compute the gross margin ratio and explain its use to access profitability. (p. 193)
Procedural
  1. Analyze and record transactions for merchandise purchasing using a perpetual system. (p. 180)
  2. Analyze and record transactions for merchandise sales using a perpetual system. (p. 185)
  3. Prepare adjustments and close accounts for a merchandising company. (p. 188)
  4. Define and prepare multi-step and single-step income statements. (p. 190)





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