Chapter 3 is essentially a review of ACC 2100, the first accounting course in the program. Were there any concepts that you had not been exposed to or perhaps forgotten about? By now you should know the difference between making correcting entries versus making adjustment entries. What is the difference? Also, many businesses use accrual-basis accounting, but for tax purposes, they use cash-basis accounting. Which basis is more meaningful? Which basis is easier to maintain?

Textbooks: Kieso, Weygandt, and Warfield (2019) Intermediate Accounting, 17th Edition. John Wiley & Sons, Inc. ISBN-13: 978-1-11957148-3.