By Lynette Teal
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Learners read an explanation of the debits and credits of accounting as they relate to T accounts and the accounting equation. Illustrated examples are provided.
Learners examine the 10 steps of the accounting cycle. The cycle begins with the analysis of source documents and ends with the post-closing trial balance and interpreting the financial information.
Learners examine the main characteristics of the four financial statements required in accounting: the income statement, the owner's equity statement, the balance sheet, and the statement of cash flow.