Summary Ch 4 Completing the Accounting Cycle - Financial Accounting with International Financial Reporting Standards - FAC2
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Course
FAC2
Institution
Hanzehogeschool Groningen (Hanze)
Book
Financial Accounting with International Financial Reporting Standards
Provides in-depth summary of chapter 4. topics include The Worksheet, Trail Balance, correcting entries, Classified Statement of Financial Position or balance sheet.
Accounting Categories (Debit and Credit Balances) - Financial Accounting (FAC)
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Hanzehogeschool Groningen (Hanze)
International Business and Management Studies
FAC2
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Content preview
Completing the Accounting
Cycle
Chapter Number Chapter 4
📖 Table of Contents
Outline
4.1 The Worksheet
Steps in Preparing a Worksheet
4.2 Closing the Books
Preparing Closing Entries
How to Close Revenue/Expense to Income Summary Account
Posting Closing Entries
Preparing a Post-Closing Trial Balance
4.3 The Accounting Cycle and Correcting Entries
4.4 Classified Statement of Financial Position
Intangible Assets / “Other Assets”
Property, Plant, and Equipment / “Fixed Assets”
Long-Term Investments
Current Assets
Equity
Non-Current Liabilities
Current Liabilities
Completing the Accounting Cycle 1
, 4.1 The Worksheet
Steps in Preparing a Worksheet
1. Prepare a Trial Balance on the Worksheet
2. Enter the Adjustments in the Adjustments Columns
3. Enter Adjusted Balances in the Adjusted Trial Balance Columns
5. Total the Statement Columns, Compute the Net Income (or Net Loss), and
Complete the Worksheet
Completing the Accounting Cycle 2
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