Ch 11: Accounting Changes & Errors

About This Chapter

Review accounting adjustments and common errors with the short lessons found in this chapter. Use this resource as a study aid for business or accounting class discussions or to prepare for an exam.

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

5 Lessons in Chapter 11: Accounting Changes & Errors
Test your knowledge with a 30-question chapter practice test
Account Adjustments: Types, Purpose & Their Link to Financial Statements

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.

The Purpose of Notes on Financial Statements

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.

Closing Entries: Process, Major Steps, Purpose & Objectives

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.

Adjusted Trial Balance: Definition, Preparation & Example

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.

Post-Closing Trial Balance: Preparation & Purpose

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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