What is the order of financial statement preparation?$$ Why are they prepared in this order?

What does accrual accounting attempt to accomplish?

Define recognition.$$ How is it independent of collecting or paying cash?

What does the term adjusting entry mean?$$ Give an example.

What types of accounts are closed at the end of the accounting period?$$ Why is it necessary to close these accounts?

List and describe the four states of the accounting cycle.

What is the difference between a product cost and a selling and administrative cost?

Describe the difference between a single step and multi$-$step income statement.$$ What are the sections of this income statement and why is breaking the calculation of income into these sections beneficial?

When are product costs recorded as expenses?

When are general operating and selling and administrative expenses recorded as expenses?

What is gross profit?$$ How is it calculated?