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Module 5 Completing the Accounting Cycle

Module 5 Completing the Accounting Cycle. The Accounting Cycle. Chapter 5 covers the white boxes, closing off the Accounting Cycle. Creating the Financial Statements. The financial reports are created from the trial balance

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Module 5 Completing the Accounting Cycle

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  1. Module 5Completing the Accounting Cycle Financial Accounting Dave Ludwick, P.Eng, MBA, PMP

  2. The Accounting Cycle • Chapter 5 covers the white boxes, closing off the Accounting Cycle. Financial Accounting Dave Ludwick, P.Eng, MBA, PMP

  3. Creating the Financial Statements • The financial reports are created from the trial balance • Essentially it is the same as the Adjusted Trial Balance but there are no Statement of Activities (Income Statement) accounts listed because their contents have been transferred to Accumulated Surplus • To create the Post Closing Trial Balance simply subtract all the expenses from the total income and add the difference to the accumulated surplus account • Therefore, essentially, the Post Closing Trial Balance is very similar to the Statement of Financial Position (Balance Sheet) Financial Accounting Dave Ludwick, P.Eng, MBA, PMP

  4. Example Financial Accounting Dave Ludwick, P.Eng, MBA, PMP

  5. Example Financial Accounting Dave Ludwick, P.Eng, MBA, PMP

  6. Example Financial Accounting Dave Ludwick, P.Eng, MBA, PMP

  7. Statement of Activities Financial Accounting Dave Ludwick, P.Eng, MBA, PMP

  8. Statement of Accumulated Surplus Financial Accounting Dave Ludwick, P.Eng, MBA, PMP

  9. Statement of Financial Position Financial Accounting Dave Ludwick, P.Eng, MBA, PMP

  10. So now you’ve seen it all… Financial Accounting Dave Ludwick, P.Eng, MBA, PMP

  11. Onward… • Chapter 6 Financial Accounting Dave Ludwick, P.Eng, MBA, PMP

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