Identify and apply statutory provisions of the Internal Revenue Code regarding the timing of income and expenditures, and policies underlying those rules

Determine fundamental principles regarding cash receipts and disbursement methods of accounting

Recognize fundamental principles of the accrual method of accounting

Determine how the cash and accrual methods of accounting for tax purposes have grown toward each other over time

Recognize tax timing planning opportunities and restrictions

Identify the rules governing the use of accounting periods and methods by various taxpayers