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Trial Balance. Unearned Revenue Accumulated Depreciation.

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Presentation on theme: "Trial Balance. Unearned Revenue Accumulated Depreciation."— Presentation transcript:

1 Trial Balance

2 Unearned Revenue

3 Accumulated Depreciation

4 Worksheet

5 Examples temporary accounts that need to be closed at the end of the year

6 Owner’s Equity

7 Current Liability

8 Consistency Principle

9 Full Disclosure Principle

10 Ordinary repairs

11 List of all accounts and their balances

12 Revenue collected but not yet earned

13 Expenditures that are periodic and routine

14 Revenues Expenses Owner’s Withdrawals

15 Contra Asset account with a normal credit balance

16 States that businesses should use the same accounting method period to period

17 Debt that has to be paid within the next year

18 The account that Income Summary is closed to

19 States businesses must provide enough information for outsiders to make knowledgeable decisions about the company

20 Helps accountants: prepare financial statements close accounts make adjusting entries

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