Chapter 4 - 4 Completing the Accounting Cycle Student...

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1 4 Completing the Accounting Cycle Student Version
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1-2 4-2 2 1 Describe the flow of accounting information from the unadjusted trial balance into the adjusted trial balance and financial statements.
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1-3 4-3 3 1 End-of-Period Spreadsheet (Work Sheet) Exhibit 1
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1-4 4-4 4 Prepare financial statements from adjusted account balances. 2 4-4
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1-5 4-5 5 to retained earnings statement 2 Financial Statements Prepared from Work Sheet Exhibit 2
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1-6 4-6 6 from the income statement to the balance sheet 2 Financial Statements Prepared from Work Sheet (continued) Exhibit 2
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1-7 4-7 7 A classified balance sheet is a balance sheet that was expanded by adding subsections for current assets; property, plant, and equipment; and current liabilities. 2 Balance Sheet
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1-8 4-8 8 Cash and other assets that are expected to be converted into cash, sold or used up usually within a year or less, through the normal operations of the business, are called current assets . 2 Property, plant, and equipment (also called fixed assets ) include assets that depreciate over a period of time. Land is an exception as it is not subject to depreciation. (continued)
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1-9 4-9 9 Liabilities that will be due within a short time (usually one year or less) and that are to be paid out of current assets are called current liabilities . 2 Liabilities not due for a long time (usually more than one year) are long-term liabilities . Stockholders’ equity is the stockholders’ right to the assets of the business.
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1-10 4-10 10 from the retained earnings statement 2 Financial Statements Prepared from Work Sheet (continued) Exhibit 2
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1-11 4-11 11 Prepare closing entries. 3 4-11
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4-12 12 Accounts that are relatively permanent from year to year are called real accounts . Accounts that report amounts for only one period are called temporary accounts or nominal accounts . 3
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Chapter 4 - 4 Completing the Accounting Cycle Student...

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