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. You will also see how to use an accounting worksheet to organize your work, prepare adjusting entries, and complete a post-closing trial balance.
Completing this unit should take you approximately 3 hours.
4.1: Completing the Accounting Cycle
4.2: The Closing Process
Unit 4 Assessment