5059131
Descripción
Mapa Mental por Kevin Reynolds, actualizado hace más de 1 año
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Creado por Kevin Reynolds
hace casi 9 años
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Closing
process
- Update retained earnings
- Reset temporary (or nominal) accounts
- Revenues, expenses, and dividends represent
amounts for a period of time; one must "zero out"
these accounts at the end of each period.
- Asset, liability, and equity accounts are called
real accounts, as their balances are carried
forward from period to period
- Revenues, expenses, and dividends represent
amounts for a period of time; one must "zero out"
these accounts at the end of each period.
- Step 1: Close the Revenue account to a
unique account called Income Summary
- Income Summary: a non-financial statement account
used only to facilitate the closing process.
- Income Summary: a non-financial statement account
used only to facilitate the closing process.
- Step 2: close expense accounts to Income
Summary
- Step 3: close the income summary
account to retained earnings
- Step 4: close the dividend account to
retained earnings
- Information taken from the
adjusted trial balance
- Step 5: Post closing trial balance
- Process in context
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