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

Info iconThis preview shows pages 1–13. Sign up to view the full content.

View Full Document Right Arrow Icon
1 4 Completing the Accounting Cycle Student Version
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
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.
Background image of page 2
1-3 4-3 3 1 End-of-Period Spreadsheet (Work Sheet) Exhibit 1
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
1-4 4-4 4 Prepare financial statements from adjusted account balances. 2 4-4
Background image of page 4
1-5 4-5 5 to retained earnings statement 2 Financial Statements Prepared from Work Sheet Exhibit 2
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
1-6 4-6 6 from the income statement to the balance sheet 2 Financial Statements Prepared from Work Sheet (continued) Exhibit 2
Background image of page 6
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
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
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)
Background image of page 8
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.
Background image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
1-10 4-10 10 from the retained earnings statement 2 Financial Statements Prepared from Work Sheet (continued) Exhibit 2
Background image of page 10
1-11 4-11 11 Prepare closing entries. 3 4-11
Background image of page 11

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
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
Background image of page 12
Image of page 13
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/29/2011 for the course BUS 101 taught by Professor Pernia during the Spring '10 term at Essex County College.

Page1 / 45

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

This preview shows document pages 1 - 13. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online