Posted: January 6th, 2017

List the major categories of accounts that would appear under assets, liabilities, and stockholder’s equity on a classified balance sheet.

  1. Question 3:
    • Proficient:
      • Describe, in order, the four basic steps in the closing process performed at the end of each accounting period.
      • Explain why the closing process is so important.
    • Distinguished:
        • After the closing process has been completed, what account types remain open?
    • Question 4:
      • Proficient:
        • Describe how a classified balance sheet is different from a basic unclassified balance sheet.
        • List the major categories of accounts that would appear under assets, liabilities, and stockholder’s equity on a classified balance sheet.
      • Distinguished:
        • Rearrange the following steps in the accounting cycle in proper order:
          • Financial statements are prepared.
          • An adjusted trial balance is prepared.
          • Adjustment data are assembled and analyzed.
          • Adjusting entries are journalized.
          • Closing entries are journalized and posted to the ledger.
          • An unadjusted trial balance is prepared.
          • Transactions are posted to the ledger.
          • Transactions are analyzed and recorded in the general journal.
          • An optional end-of-period work sheet is prepared.
          • A post-closing trial balance is prepared.

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