chap 4
Chapter 4-1 Completing the Accounting Cycle Financial Accounting, Sixth Edition Chapter Chapter 4 4 Chapter Chapter 4 4 Chapter 4-2 1. Prepare a worksheet. 2. Explain the process of closing the books. 3. Describe the content and purpose of a post-closing trial balance. 4. State the required steps in the accounting cycle. 5. Explain the approaches to preparing correcting entries. 6. Identify the sections of a classified balance sheet. Study Objectives Study Objectives Study Objectives Study Objectives Chapter 4-3 Using a Using a Worksheet Worksheet Using a Using a Worksheet Worksheet Steps in Steps in preparation preparation Preparing Preparing financial financial statements statements Preparing Preparing adjusting entries adjusting entries Closing the Closing the Books Books Closing the Closing the Books Books Summary of Summary of Accounting Accounting Cycle Cycle Summary of Summary of Accounting Accounting Cycle Cycle Classified Classified Balance Sheet Balance Sheet Classified Classified Balance Sheet Balance Sheet Current assets Current assets Long-term Long-term investments investments Property, plant, Property, plant, and equipment and equipment Intangible assets Intangible assets Current liabilities Current liabilities Long-term Long-term liabilities liabilities Stockholders’ Stockholders’ equity equity Reversing Reversing entries—An entries—An optional step optional step Correcting Correcting entries—An entries—An avoidable step avoidable step Completing the Accounting Cycle Completing the Accounting Cycle Completing the Accounting Cycle Completing the Accounting Cycle Preparing Preparing closing entries closing entries Posting closing Posting closing entries entries Preparing a Preparing a post-closing trial post-closing trial balance balance Chapter 4-4 A multiple-column form used in preparing financial statements. Not a permanent accounting record. Five step process. Use of worksheet is optional. Using A Worksheet Using A Worksheet Using A Worksheet Using A Worksheet SO 1 Prepare a worksheet. SO 1 Prepare a worksheet. Worksheet Worksheet Chapter 4-5 Steps in Preparing a Worksheet Steps in Preparing a Worksheet Steps in Preparing a Worksheet Steps in Preparing a Worksheet SO 1 Prepare a worksheet. SO 1 Prepare a worksheet. Illustration 4-1 . Chapter 4- 1 Completing the Accounting Cycle Financial Accounting, Sixth Edition Chapter Chapter 4 4 Chapter Chapter 4 4 Chapter 4- 2 1. Prepare. Preparing a Preparing a post-closing trial post-closing trial balance balance Chapter 4- 4 A multiple-column form used in preparing financial statements. Not a