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PUBLIC UNIVERSITY VS. PRIVATE UNIVERSITY ACCOUNTING
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Determining cash received from customers
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calculating selling price from lease payment. Determining effective interest. Calculating total income from a lease.
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auditor tests -- accounts receivable; audit procedures when testing the detail tie-in objective for the accounts receivable.
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Foreign exchange currency
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bank reconciliation process
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recording sales and cost of goods sold, analyzing inventory shrinkage and recording such, comparing profitability numbers with national average
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recording transactions of a new business
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EFFECT ON INCOME AND BALANCE SHEET ACCOUNTS
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solve for retained earnings; construct balance sheet; analyze financial condition.
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