About This Chapter
How it works:
- Identify which concepts are covered on your adjusting accounts and preparing financial statements homework.
- Find videos on those topics within this chapter.
- Watch fun videos, pausing and reviewing as needed.
- Complete sample problems and get instant feedback.
- Finish your adjusting accounts and preparing financial statements homework with ease!
Topics from your homework you'll be able to complete:
- Periodic reporting and the time period principle
- Accrual accounting
- Account adjustments
- Temporary and permanent accounts
- Closing entries
- Real accounts vs. nominal accounts
- Post-closing trial balance
1. Periodic Reporting & the Time Period Principle
Time plays a very important role in accounting and financial reporting. In this lesson, you will learn why time is important as we discuss periodic reporting and the time period principle.
2. Using Accrual Accounting to Make Financial Statements More Useful
What is the relationship between the financial statements and accrual accounting? Do you know? By the time this lesson is over, you will not only know what the relationship is between the two but also why that relationship is important.
3. The Differences Between Accrual & Cash-Basis Accounting
There are two accounting methods that companies can choose from when deciding how they want their books done. They are cash basis and accrual basis. In this lesson, you will learn the differences between the two.
4. Account Adjustments: Types, Purpose & Their Link to Financial Statements
Accounting is a multi-step process. In this lesson, we will discuss adjusting entries. You will learn what they are, why they are important, and see examples.
5. Accrued Expenses & Revenues: Definition & Examples
Accruals are a part of the accounting world for most businesses. In this lesson, you will learn about two important parts of the concept of accruals: accrued revenue and accrued expenses.
6. Adjusted Trial Balance: Definition, Preparation & Example
There are many steps in the accounting cycle that must be taken before a company's financial statements are prepared. In this lesson, we will be discussing one of those steps - creating an adjusted trial balance.
7. Preparing Financial Statements
Financial statements are the most sought after reports in the financial industry. In this lesson, you will learn how to prepare them using information found on the adjusted trial balance.
8. Temporary & Permanent Accounts: Definition & Differences
Accounts are classified in a variety of ways in accounting. In this lesson, you will learn about two types of account classifications: temporary and permanent accounts.
9. Closing Entries: Process, Major Steps, Purpose & Objectives
The accounting cycle is a multi-step process. In this lesson, you will learn about part of that process: making closing entries. You will learn what closing entries are, what accounts are affected, and how they are made.
10. Real Accounts vs. Nominal Accounts: Definition, Differences & Examples
In accounting, there is a classification for everything. Transactions, financial statements, and accounts are broken down into classifications. In this lesson, we will be discussing two classifications of accounts - real accounts and nominal accounts.
11. Post-Closing Trial Balance: Preparation & Purpose
The last step in the accounting process is to create the post-closing trial balance. In this lesson, you will learn what the post-closing trial balance is, why it's important, and what accounts appear on it.
12. What is a Custodial Account? - Definition & Rules
A custodial account is a special type of account used to set aside money for another party. In this lesson, which focuses on custodial accounts created for minors, we will define custodial account, explain the associated rules, and discuss the tax implications for this investment tool.
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Other chapters within the Financial Accounting: Homework Help Resource course
- Introduction to Accounting: Homework Help
- Financial Statements in Accounting: Homework Help
- Mechanics of the Accounting Cycle: Homework Help
- Internal Controls in Accounting: Homework Help
- Inventory and Merchandising Operations in Accounting: Homework Help
- Current and Long-Term Liabilities in Accounting: Homework Help