Question: 6 . Know the accounting equation ( including what affects Retained Earnings and how each item affects it ) and the definition of all its

6. Know the accounting equation (including what affects Retained Earnings and how each item affects it) and the definition of all its components,
7. Know the four financial statements and the proper order of preparation.
8. Be able to determine the balance in Retained Earnings at the end of the accounting period.
9. Be able to determine Net Income or Net Loss.
10. prepare a balance sheet in proper format

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