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Published by:Robert (Bob) Steele
What you’ll learn -:
- List the steps in the accounting cycle
- Explain the importance of using an adjusting entries worksheet
- List types of adjusting entries
- Enter adjusting entries to an adjusting entry worksheet
- Create an adjusted trial balance
- Create financial statements from a trial balance
- Enter reversing entries
- Perform fundamental Excel operations (addition, subtraction, cell relationships)
Description -:
Adjusting entries, posting adjusting entries to a worksheet, financial statement creation from an adjusted trial balance, and reversing entries will be covered in this course.
The adjusting entry process is a fundamental bookkeeping and accounting process but is often the accounting process most misunderstood.
Because of the name of accounting adjusting entry process we are led to believe that we are adjusting errors made by the accounting department. In other words, we may get the idea that the adjusting process would not be needed if the accounting department did their work perfectly through the period. This assumption of the adjusting process fixing errors is not the primary purpose for the adjusting process.
The adjusting process is a necessary part of the accounting cycle and one that is built into the accounting system. In other words, we plan for the adjusting process, and part of the plan is to enter normal accounting transactions in such a way that we will most easily be able to make adjustments at the end of the time period.
We enter adjusting entries as of the end of the period. Adjusting entries will have a balance sheet component and an income statement component.
Once the adjusting entries are complete, we can use the adjusted trial balance to create the financial statements, the balance sheet, the income statement, and the statement of equity. Who will we be learning from?
In addition to instructional video, this course will include downloadable
• Downloadable PDF Files
• Excel Practice Files
• Multiple Choice Practice Questions
• Short Calculation Practice Questions
• Discussion Questions
The PDF files allow us to download reference information we can use offline and as a guide to help us work through the material.
Excel practice files will be preformatted so that we can focus on the adjusting process and learning some of the basics of Excel, like addition, subtraction, and cell relationships.
Multiple choice example question helps us improve our test-taking skills by reducing the information into the size and format of multiple choice questions and discussing how to approach these questions.
Short calculation questions help us reduce problems that have some calculation down to a short format that could be used in multiple choice questions.
Discussion Question will provide an opportunity to discuss these topics with the instructor and other students, a process many students find very helpful because it allows us to see the topic from different viewpoints.
Once we have completed the adjusting process we will have an adjusted trial balance representing account balances that are as accurate as possible according to accrual accounting.
We will then use the adjusted trial balance to create the financial statements, converting the debit and credit format of the adjusted trial balance to the plus and minus format of the financial statements.
Please join us for Financial Accounting, Adjusting Entries & Financial Statements.
It will be great.
- Accounting students
- Business owner
- Anyone who whats to learn accounting
Enroll Now -:
Source -: UDEMY
