November 2012
Beginner to intermediate
414 pages
9h 26m
English
book
Problem Solving Survival Guide Volume I: Chapters 1-12 to accompany Accounting Principles, 11th Edition
by Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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CHAPTER 4
COMPLETING THE ACCOUNTING CYCLE
OVERVIEW
During the accounting period, transactions are recorded daily in the journal. At convenient times, information is posted from the journal to the ledger. At the end of the accounting period, the accountant summarizes the effects of the many recorded transactions, adjusts the accounts, and prepares financial statements. To help organize the information, the accountant uses an organized piece of scratch paper called a worksheet. The worksheet is a simple tool and is an optional step in the accounting cycle. Its preparation and uses are discussed in this chapter. After financial statements are drafted, the nominal (or temporary) accounts must be prepared for the accumulation of data pertaining to transactions in the following accounting period. Closing entries are journalized and posted to do just that; they are a required step in the accounting cycle and are discussed in this chapter. At the beginning of the subsequent (new) accounting period, reversing entries may be prepared in order to facilitate the recording of cash receipts and disbursements that relate to adjusting entries of the prior period. Reversing entries are an optional step in the accounting cycle and are discussed in the appendix to this chapter.
SUMMARY OF LEARNING OBJECTIVES
- Prepare a worksheet. The steps in preparing a worksheet are as follows: (a) Prepare a trial ...
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O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.