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Lecture International accounting: Chapter 3 - Nguyễn Quốc Nhất

Lecture "International accounting - Chapter 2: Completing the accounting cycle" has content: The worksheet, completing the accounting cycle, closing the accounts, post closing trial balance, classifying assets and liabilities, accounting ratios. | International Accounting 1 Chapter 3: Completing the accounting cycle Chapter 3: Completing the accounting cycle MA. Nguyen Quoc Nhat Learning Objectives 1.Prepare an accounting worksheet 2.Use the worksheet to prepare financial statements 3.Close the revenue, expense, and drawing accounts 4.Prepare the post-closing trial balance 5.Classify assets and liabilities as current or long-term 6.Describe the effect of various transactions on the current ratio and the debt ratio Chapter’s content 3.1 The Worksheet 3.2 Completing the Accounting Cycle 3.3 Closing the Accounts 3.4 Post-Closing Trial Balance 3.5 Classifying Assets and Liabilities 3.6 Accounting Ratios MA.Nguyen Quoc Nhat- nhatnq.faa@gmail.com 1 International Accounting 1 Chapter 3: Completing the accounting cycle 3.1 The Worksheet • a document with several columns • to summarize data for the financial statements. 3.1 The Worksheet 3.1 The Worksheet 1. Prepare trial balance on the worksheet. 2. Enter adjustment data. 3. Enter adjusted balances 4. Extend adjusted balance to appropriate columns. 5. Calculate income/loss and complete the worksheet. MA.Nguyen Quoc Nhat- nhatnq.faa@gmail.com 2 International Accounting 1 Chapter 3: Completing the accounting cycle 3.1 The Worksheet A step-by-step description of the worksheet follows: 1. Enter the account titles and their unadjusted balances in the Trial Balance columns of the worksheet, and total the amounts. 2. Enter the adjusting entries in the Adjustments columns, and total the amounts. 3. Compute each account’s adjusted balance by combining the trial balance and adjustment figures. Enter each account’s adjusted amount in the Adjusted Trial Balance columns 3.1 The Worksheet A step-by-step description of the worksheet follows: 4. Draw an imaginary line above the first revenue account (in this case, Service revenue). Every account above that line (assets, liabilities, and equity accounts) is copied from the Adjusted Trial Balance to the .