1. Know the steps in preparing a worksheet and the uses of a worksheet

2. Know which accounts are closed to the Income Summary& what the income summary is used for

3. Know what the purpose of the post-closing trial balance is & when it is prepared

4. Know what a current asset is

5. Know what an intangible asset is

6. Know how/when closing entries are prepared

7. Know which accounts are credited when goods are returned

8. Know what a sales discount is and when it is offered

9. Know how/when sales returns and allowances are increased/decreased

10. Know the difference between FOB shipping point and FOB destination

11. Know the flow of costs in a perpetual inventory system

12. Know how net income is calculated

13. Understand credit terms and what they mean

14. Know IFRS requirements for the income statement

15. Know how the inventory system works under IFRS

16. Know the income statement effects for inventory (overstated/understated)

17. Know what conservatism is

18. Know when the specific identification method of costing is used

19. Understand cost flow methods and when/how they are adopted

20. Know how to compute cost of goods sold

21. Know what should be included in physical inventory