Section outline

  • Lecture Objectives:

    To teach the students about the concepts of worksheet, financial statements, closing the books and how this knowledge will help them in academic and professional career.

    Lecture Outcomes:

    At the end of the session student will be:

    • Able to prepare a worksheet
    • Able to prepare closing entries and a post-closing trial balance.
    • Able to state the the steps in the accounting cycle and how to prepare it
    • Able to identify the sections of a classified balance sheet.
    • Able to describe the four financial statements and how they are prepared.

    Lecture contents:

    • Worksheet
    • Financial Statements from worksheet
    • Closing entries
    • Permanent accounts
    • Temporary accounts
    • Posting closing entries
    • Post-closing trial balance
    • Classified balance sheet