Completing the Accounting Cycle
After studying this chapter, you should be able to:
- Summarize the steps in the accounting cycle.
- Prepare a work sheet for a service company.
- Prepare an income statement, statement of retained earnings, and balance sheet using information contained in the work sheet.
- Prepare adjusting and closing entries using information contained in the work sheet.
- Prepare a post-closing trial balance.
- Describe the evolution of accounting systems.
- Prepare a classified balance sheet.
- Analyze and use the financial results – the current ratio.
Source: Textbook Equity, https://learn.saylor.org/pluginfile.php/41317/mod_resource/content/11/AccountingPrinciples.pdf
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