Closing Entries

Closing Entries Questions to focus on: Why do we need closing entries? Do we need the income summary account? How are closing entries related to the GAAPs? Review of the closing entries for a sole proprietorship Video: The Closing Entries Class Work:BE4-3 Additional Practice: E4-5

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Introduction to Accounting

Headline News What is the headline about? What GAAP’s and IFRS are involved? Who is this important to? Presentation The History of Accounting Discussion Review: The internal and external users of accounting information Discussion:  The three main activities of accountants – identify, report, communicate Discussion:  The different types of business and the forms of ownership Discussion:  The GAAPS and Assumptions […]

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