The final assessment for this competency is to identify the various characteristics of financial accounting, demonstrate an understanding of how to prepare a comprehensive set of financial statements including a multiple-step income statement, statement of retained earnings, and a classified balance sheet, along with the accompanying general and adjusted journal entries and the unadjusted and adjusted trial balance related to them. Also, to demonstrate an understanding of the cash flow statement, accounting information systems, annual reports, auditors' opinions, and the ability to analyze various trends in financial reports.