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Give The steps in preparing a worksheet .

The steps in preparing a worksheet are:


(a) Prepare a trial balance on the worksheet.
(b) Enter the adjustments in the adjustments columns.
(c) Enter adjusted balances in the adjusted trial balance columns.
(d) Extend adjusted trial balance amounts to appropriate financial statement columns.
(e) Total the statement columns, compute net income (or net loss), and complete the work-sheet

Explain the process of closing the books.


Closing the books occurs at the end of an accounting period. The process is to journalize and postclosing entries and then rule and balance all accounts. In closing the books, companies make separate
entries to close revenues and expenses to Income Summary, Income Summary to Owners Capital, and
Owners Drawings to Owners Capital. Only temporary accounts are closed.
Describe the content and purpose of a post-closing trial balance
A post-closing trial balance contains the balances in permanent accounts that are carried forward to the
next accounting period. The purpose of this trial balance is to prove the equality of these balances.
State the required steps in the accounting cycle- sheet given by madam
Definitions:
1. Classified balance sheet : A balance sheet that contains standard classifications or sections.
2. Closing entries: Entries made at the end of an accounting period to transfer the balances of
temporary accounts to a permanent owners equity account, Owners Capital.
3. Current assets: Assets that a company expects to convert to cash or use up within one year.
4. Current liabilities: Obligations that a company expects to pay from existing current assets within
the coming year.
5. Income Summary: A temporary account used in closing revenue and expense accounts.
6. Post-closing trial balance: A list of permanent accounts and their balances after a company has
journalized and posted closing entries.
7. Worksheet: A multiple-column form that may be used in making adjusting entries and in
preparing financial statements.