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LO1 – Define accounting. 4-2 Job-order and processing costing are similar in the following ways: Chapter 3 The Adjusting Process; Chapter 4 The Accounting Cycle; Chapter 5 Accounting for Retail Businesses; Chapter 6 Inventories; Chapter 7 Internal Control and Cash; Chapter 8 Receivables; Chapter 9 Long-Term Assets: Fixed and Intangible; Chapter 10 Liabilities: Current, Installment Notes, and Contingencies; Chapter 11 Liabilities: Bonds 4 Accruals and deferrals 1-6, 9 Analysis 4 Notes payable and interest 1, 2, 5 Analysis 4 1–7, 9 4 1, 3–5, 7 4 1, 4, 7 Deferred revenue 4 1–7, 9 4 Effects of adjusting entries 1–6 Analysis 4 1– 4 1, 2 CHAPTER 4 THE ACCOUNTING CYCLE: ACCRUALS AND DEFERRALS. 1 Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting 1. 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