In order to successfully complete the 3A Accounting test on these four chapters, the student should be able to perform the following tasks:
Explain the unique nature, and the functions of, the following types of owner's equity accounts:
Understand the following new GAAPs associated with these new accounts:
Understand the following concepts related to the above principles:
Using descriptions of source documents, record transactions within the General Journal.
Post these journal entries to the general ledger accounts.
Understand and explain the function of the following new source documents:
Demonstrate how GST and PST are accounted for.
Complete an informal worksheet.
Prepare an Income Statement which includes an expanded Owner's Equity section, as well as the related Balance Sheet.