Explain the importance of periodic reporting and the time period assumption.  Explain accrual accounting and how it improves financial statements.

Periodic reporting

Explain the importance of periodic reporting and the time period assumption.
 Explain accrual accounting and how it improves financial statements.
 Identify steps in the accounting cycle.
Explain and prepare a classified balance sheet.

Explain how accounting adjustments link to financial statements.
 Compute profit margin and describe its use in analyzing company
performance.
 Compute the current ratio and describe what it reveals about a company’s financial condition.