ch04 - ACCT 1710 Introduction To Financial Accounting...

Info iconThis preview shows pages 1–10. Sign up to view the full content.

View Full Document Right Arrow Icon
1 ACCT 1710 Introduction To ACCT 1710 Introduction To Financial Accounting Financial Accounting Dr. HU Bingbing Dr. HU Bingbing HKBU HKBU Chapter4 Completing the Accounting Chapter4 Completing the Accounting Cycle Cycle
Background image of page 1

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

View Full DocumentRight Arrow Icon
2 1. The required steps in the accounting cycle. 2. Prepare a worksheet. 3. Preparing and posting closing entries. 4. Preparing a post-closing trial balance. 5. The classified statement of financial position. Study Objectives
Background image of page 2
3 1. Analyze business transactions 1. Analyze business transactions 2. Journalize the transactions 2. Journalize the transactions 6. Prepare an adjusted trial balance 6. Prepare an adjusted trial balance 7. Prepare financial statements 7. Prepare financial statements 8. Journalize and post closing entries 8. Journalize and post closing entries 9. Prepare a post-closing trial balance 9. Prepare a post-closing trial balance 4. Prepare a trial balance 4. Prepare a trial balance 3. Post to ledger accounts 3. Post to ledger accounts 5. Journalize and post adjusting entries 5. Journalize and post adjusting entries STEPS IN THE ACCOUNTING CYCLE W o r k s h e t
Background image of page 3

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

View Full DocumentRight Arrow Icon
4 STEPS IN THE ACCOUNTING CYCLE Steps performed in sequence and repeated in each  accounting period Step 1-3 occur daily Step 4-7 performed at the end of each accounting periods Step 8&9 prepared at the end of annual accounting  period Step 4-6 incorporated in the worksheet 3 trial balance are prepared
Background image of page 4
5 A worksheet is a multiple-column form used in the adjustment process and in preparing financial statements . A working tool for the accountant Not a permanent accounting record The use of a worksheet is optional . Prepared at the end of accounting period after all transactions have been journalized and posted. WORKSHEET
Background image of page 5

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

View Full DocumentRight Arrow Icon
6 FORM AND FIVE STEPS of A WORKSHEET
Background image of page 6
7 A worksheet brings together in one place the information needed to prepare formal financial statements and to record adjusting and closing entries. A worksheet helps to avoid omitting important data or steps in the accounting cycle. If worksheet is used, financial statements are prepared from the worksheet. No need to prepare a separate trial balance. BENEFITS OF A WORKSHEET
Background image of page 7

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

View Full DocumentRight Arrow Icon
8 PREPARING A WORKSHEET 1. PREPARING A TRIAL BALANCE on WS 15,200 2,500 600 5,000 4,000 900 28,700 28,700 No separate TB  will be made if  worksheet is  used. Trial balance amounts come  directly from ledger accounts. Include all  accounts with  balances.
Background image of page 8
9 PREPARING A WORKSHEET 2. ENTER THE ADJUSTMENTS a 1,500 b 50 Additional  accounts are  inserted right  below the trial  balance totals. Enter adjustment  amounts, total  adjustments  columns,and check  for equality. Adjustments Key: (a) Supplies Used.
Background image of page 9

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

View Full DocumentRight Arrow Icon
Image of page 10
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/19/2012 for the course ECON 201 taught by Professor Wong during the Spring '11 term at CUHK.

Page1 / 49

ch04 - ACCT 1710 Introduction To Financial Accounting...

This preview shows document pages 1 - 10. Sign up to view the full document.

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