About This Chapter
Accounting Changes and Errors - Chapter Summary
Learn more about the effects of accounting errors, how to identify these errors and how to make account adjustments with the help of this chapter. Get facts about trial balance errors and adjustments and find out how to create closing entries. You can go over the lessons as many times as needed and even contact our expert instructors with any questions regarding these topics. Take the self-assessment quizzes to determine how much you have retained from each lesson, and track your progress on your Dashboard. Once your review of this chapter is complete, you should be able to:
- Identify different types of accounting errors
- Describe the importance of adjusting accounting entries
- Relate information about the use of notes in financial statements
- Detail the process involved in generating closing entries
- Define adjusted trial balance
- Prepare a post-closing trial balance
1. 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.
2. The Purpose of Notes on Financial Statements
Financial statements are very important in accounting and finance. In this lesson, you will learn about notes to the financial statements, what information they may give, and why they are important to financial statement users.
3. 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.
4. 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.
5. 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.
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Other chapters within the Financial Accounting: Help and Review course
- Introduction to Accounting: Help and Review
- Financial Statements in Accounting: Help and Review
- Mechanics of the Accounting Cycle: Help and Review
- Project Evaluation & Analysis
- Preparing Financial Statements: Help and Review
- Internal Controls in Accounting: Help and Review
- Merchandising Operations and Inventory in Accounting: Help and Review
- Current and Long-Term Liabilities in Accounting: Help and Review
- Adjusting Accounts & Preparing Financial Statements: Help and Review
- Taxation of Business Entities
- Classifying Costs in Accounting
- Cost Accounting Methods
- Cash Flow Statements & Disclosures
- Asset & Inventory Management
- Small Business Financing
- Small Business Accounting
- Financial Reporting
- Banking, Insurance & Monetary Policy
- Types of Financial Risk
- Credit Risk
- Derivatives in Finance Overview
- Capital Markets in Risk Management
- Managing Financial Risk
- Financial Risk & Decision-Making