Unit 4: Completing the Accounting Cycle
So far, you've learned how to process the raw data of the transactions that happen in a business entity into useable information in the form of the financial statements. This unit will explain how to review and summarize the accounting cycle and prepare the income statement, the statement of retained earnings, and the balance sheet. All businesses have to prepare financial statements, both for internal decision making, and for external stakeholders (including the IRS!), so understanding this important concept is critical for any manager.
Completing this unit should take you approximately 5 hours.
4.1: Completing the Accounting Cycle
4.2: The Closing Process
Unit 4 Assessment
- Receive a grade