Acc/290 Week 3 Team Reflecion

Learning aggroup/Weekly Reflection (Week 3) ACC 290 Week triplet was basically an addition to the teachings and information that we worked on in schedule week two. Week threes lessons added on things that argon truly pertinent in the placard world without fashioning it overwhelming. Team C was able to grasp the extra information, bump off satisfying and work through all the assignments with ease. The information that follows describes what was discussed passim the week and how it relates to the practices of accounting and how it is social functiond in businesses. At the abolish of the accounting period, companies transfer the temporary account balances to the lasting stockholders candor accountRetained Earningsthrough the preparation of goal entries (Kimmel, Weygandt, & angstrom unit; Kieso, 2009). Closing entries transfer net income and dividends to the kept up(p) earnings. This will attract sure the balance in maintained earnings agrees with the r etained earnings statement. Reversing an gateway is an entry do at the ancestor of the next accounting period; the deal opposite of the adjusting entry made in the previous period. The post-closing foot race balance is a list of all permanent accounts and what the balances are after closing entries are journalized and posted.

This will prove that the permanent account balances meet the company will carry over to the next accounting period. A financial statement worksheet is a multiple-column form drop by some(prenominal) accountants to prepare financial statements and it can be used in the adjustment proces s. The excogitation of the worksheet is to ! maintain the information organize to make it easy to bring on the financial statements. In the accounting cycle the worksheet is an optional step, except it is not an official document in accounting. The worksheet is mainly use by big business because they have numerous accounts and many adjustments so the worksheet is or so indispensable (Kimmel, Weygandt, & Kieso, 2009). The assort income statement is used to report...If you necessity to get a to the full essay, order it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper