文档介绍：pleting the Accounting Cycle Principles of Accounting, 23e Reeve ? Warren ? Duchac 2 After studying this chapter, you should be able to: Completing the Accounting Cycle 1 Describe the flow of accounting information from the unadjusted trial balance into the adjusted trial balance and financial statements. 2 Prepare financial statements from adjusted account balances. 3 Prepare closing entries. 4-2 After studying this chapter, you should be able to: 4 Describe the accounting cycle. 3 1-3 4-3 4-pleting the Accounting Cycle (continued) 5 Illustrate the accounting cycle for one period. 6 Explain what is meant by the fiscal year and the natural business year. 4 1-4 4-4 1 4-4 Describe the flow of accounting information from the unadjusted trial balance into the adjusted trial balance and financial statements. 5 1-5 4-5 Work Sheet Work Sheet A work sheet is a working paper used by accountants to collect and summarize data they need for preparing financial reports. A work sheet is not considered as a part of the formal accounting records. Only a tool 6 1-6 4-6 1 End-of-Period Spreadsheet (Work Sheet) Exhibit 1 7 1-7 4-7 Spreadsheet (Work Sheet) Spreadsheet (Work Sheet) Trial Balance Accounts Dr Cr Dr Cr Dr Cr Adjustments Adjusted TB Accounts are listed in the Trial Balance column using the ending balance found in the general ledger. Flow of Accounting Information 18 1-8 4-8 Flow of Accounting Information Spreadsheet (Work Sheet) Spreadsheet (Work Sheet) Trial Balance Accounts Dr Cr Dr Cr Dr Cr Adjustments Adjusted TB Adjustments are entered here. Two possibilities: 1. Deferrals – Existing balances are changed. 2. Accruals – New information is entered. 19 1-9 4-9 Adjustments bined with the trial balance. Account balances are now adjusted. Trial Balance Accounts Dr Cr Dr Cr Dr Cr Adjustments Adjusted TB Spreadsheet (Work Sheet) Spreadsheet (Work Sheet) Flow of Accounting Information 1 10 1- 10 4- 10 Revenue and expense balances in the Adjusted Trial Ba