Section outline

  • Lesson Objectives:

    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.

    Lesson Content:

    Steps in preparing a Work sheet, Preparing adjusting entries from a work sheet, Preparing financial statements from a work sheet; Closing the Books- Preparing closing entries; posting closing entries; Preparing  a post-closing trial balance, Summary of the Accounting Cycle, Preparation of Classified Balance Sheet.

    Lesson Outcome:

    1. Able to prepare worksheet
    2. Able to prepare closing the books
    3. Able to prepare post closing financial statements
    4. Able to prepare post closing trial balance