1: Discuss the effects of the five major accounting assumptions on the 2: Describe the five concepts' impact on the accounting process. 3: Describe the five major accounting principles. 4: Describe the impact on the accounting process of the three modifying conventions. 5: Identify the accounting procedures of Principles, Assumptions, Concepts. 6: Complete the equations of merchandising accounting. 7: Describe the two methods used to determine merchandise inventory.
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