TAILIEUCHUNG - Lecture Accounting principles (12th Edition): Chapter 4 - Weygandt, Kimmel, Kieso

Chapter 4 - Completing the accounting cycle. In this chapter, the learning objectives are: Prepare a worksheet, explain the process of closing the books, describe the content and purpose of a post-closing trial balance, state the required steps in the accounting cycle. | Completing the Accounting Cycle 4 Learning Objectives Prepare a worksheet. Prepare closing entries and a post-closing trial balance. Explain the steps in the accounting cycle and how to prepare correcting entries. 3 Identify the sections of a classified balance sheet. 2 1 4 Multiple-column form used in preparing financial statements. Not a permanent accounting record. May be a computerized worksheet using an electronic spreadsheet program such as Excel. Prepared using a five step process. Use of worksheet is optional. Worksheet LEARNING OBJECTIVE Prepare a worksheet. 1 LO 1 Illustration 4-1 Steps in Preparing a Worksheet Steps in Preparing a Worksheet Trial balance amounts come directly from ledger accounts. Include all accounts with balances. STEP 1: PREPARE A TRIAL BALANCE ON THE WORKSHEET Illustration 4-2 LO 1 Illustration 3-23 General journal showing adjusting entries Adjusting Journal Entries (Chapter 3) Steps in Preparing a Worksheet LO 1 (a) (b) (a) (g) (c) (d) (d) (e) (b) (e) (f) (f) (g) (c) Steps in Preparing a Worksheet STEP 2: ENTER THE ADJUSTMENTS IN THE ADJUSTMENTS COLUMNS Enter adjustment amounts, total adjustments columns, and check for equality. Add additional accounts as needed. Adjustments Key: (a) Supplies Used. (b) Insurance Expired. (c) Depreciation Expensed. (d) Service Revenue Recognized. (e) Service Revenue Accrued. (f) Interest Accrued. (g) Salaries Accrued. Illustration 4-3 LO 1 (a) (b) (a) (g) (c) (d) (d) (e) (b) (e) (f) (f) (g) (c) Steps in Preparing a Worksheet STEP 3: COMPLETE THE ADJUSTED TRIAL BALANCE COLUMNS Total the adjusted trial balance columns and check for equality. Illustration 4-4 LO 1 (a) (b) (a) (g) (c) (d) (d) (e) (b) (e) (f) (f) (g) (c) Steps in Preparing a Worksheet Illustration 4-5 Extend adjusted trial balance amounts to appropriate financial statement columns. STEP 4: EXTEND AMOUNTS TO FINANCIAL STATEMENT COLUMNS LO 1 (a) (b) (a) (g) (c) (d) (d) (e) (b) (e) (f) (f) (g) (c) Compute Net Income or Net Loss. STEP 5: .

• Kế toán - Kiểm toán
• Accounting cycle
• Post closing trial balance
• Correcting entries
• Accounting principles
• Lecture Accounting principles
• Completing the accounting cycle
• Financial accounting
• Lecture Financial accounting
• Accounting worksheet
• Classified balance sheet
• Fundamental accounting principles
• Lecture Fundamental accounting principles
• The accounting cycle
• Financial information
• Survey of accounting
• Lecture Survey of accounting
• Accounting for cash
• Financial resources
• Accounting provides information
• Time period principle
• Accounting periods
• Retained earnings
• Principles of financial accounting
• Accounting information
• Recording closing entries
• Close debit balances
• Accounting for receivables
• Accounting information system
• The recording process
• Adjusting entries
• Converting assets
• Adjusted trial balance
• Reporting financial results
• Financial statements
• Evaluating liquidity
• Lecture International accounting
• International accounting
• The worksheet
• Closing the accounts
• Classifying assets
• Fundamental accounting
• Business transactions
• Adjusting accounts
• Completing the accounting cycle operations
• Financial statement
• External transactions
• Financial reporting
• Balance sheet
• Accounting information systems
• Lecture Accounting information systems
• Hệ thống thông tin kế toán
• Revenue cycle
• Revenue cycle activities
• Sales order entry processing