Hello in this presentation we will be discussing a trial balance objectives at the end of this, we will be able to define a trial balance list components of a trial balance and explain how a trial balance is used. When considering the trial balance, we first want to think about where the trial balance falls within the construction of the financial statements. In other words, what processes go before the trial balance, what goes after the trial balance, where’s the trial balance fit into our process? Remember, the ending goal, the ending process of the accounting been to compile the data in such a way to create the finance financial statements. Those financial statements have been the end product. Typically if we’re thinking about a linear process, then we’re thinking about all the transactions that would happen during the month.
Posts with the financial statements tag
Revenue Recognition Principle 134
Hello in this presentation we will be discussing the revenue recognition principle. first idea will be that revenue is not the same thing as cash objective. At the end of this presentation we will be able to define the revenue recognition principle explained the relevance of the revenue recognition principle and provide examples of the revenue recognition principle the revenue recognition principle has to do with when we should record revenue. When considering when revenue should be recorded. It’s often thought that we should record revenue when cash is received.
Balance Sheet 120
Hello in this presentation that we will discuss the balance sheet objectives at the end of this presentation that we will be able to describe the balance sheet, list the components of the balance sheet and define and explain each component of the balance sheet. When considering the balance sheet, we will be looking at components equivalent to those in the accounting equation. the accounting equation as we have seen in a prior presentation is assets equal liabilities plus equity, these will be the components of the balance sheet.
Accounting Objectives U 102
Hello in this presentation we will discuss accounting objectives, objectives, including relevance reliability and compare ability objective, we will be able to at the end of this presentation, list accounting objectives and explain the reasons for accounting objectives. The accounting objectives will include relevance reliability and compare ability. If we take a look at these individually, we can see some more components within these objectives and the reasons for these objectives. But also note that as we look at these individually, they are related and many of the aspects of why we need relevance will also be related to reliability as well as compare ability.
Journal Report & Financial Statements 10.57
This presentation and we’re going to take a look at our reports our financial statement reports and journal entry reports. After we have entered the adjusting entries, we’ll take a look at the familiar balance sheet and income statement. We’ll also take a look at a journal entry report. That’s going to be a very useful report when we enter adjusting journal entries because it will reflect those adjusting journal entries. Let’s get into it with Intuit QuickBooks Online.