ACC 310F Study Guide - Quiz Guide: Retained Earnings, Trial Balance, Income Statement
Document Summary
Accounting unit 7 notes in accounting it is important to reset the revenue and expense accounts to zero at the end of each accounting period in order to correctly count the revenue and expense in the next period. We will be preparing financial statements (both the balance sheet and income statement), recording closing entries, and preparing the post-closing trial balance. 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. Identify the sections of a classified balance sheet. Journalize the transactions: analyze business transactions, post to ledger accounts, prepare a trial balance, prepare an adjusted trial balance, prepare financial statements: balance sheet, income statement, & retained earnings statement. Lesson 1: overview of the accounting cycle & worksheet. The worksheet is not a formal part of the accounting system cycle (learning aide)
