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LO 3.1: Describe common operating transactions and select appropriate income statement account titles
LO 3.2: Explain and apply the revenue and expense recognition principles
LO 3.3: Analyze, record and summarize the effects of operating transactions using the accounting equation, journal entries and t-accounts
LO 3.4: Prepare an unadjusted trial balance
LO 3.5: Evaluate net profit margin, but beware of income statement limitations
