Creating a Worksheet Fiscal periods typically begin at the beginning of a month and lasts a specified amount of time. Usually a fiscal period for a business is one year. Financial Information may be analyzed at any time during the year, however, it always is analyzed at the end of the fiscal period.

Reasons a Worksheet is Used 1. Summarize General Ledger account balances to prove that debits equal credits. 2. Plans needed changes to general ledger accounts to bring balances up to date. 3. Separate General Ledger account balances according to financial statements to be prepared. (Balance Sheet and Income Statement) 4. To calculate the amount of net income or net loss for a fiscal period.

PREPARING THE HEADING OF A WORK SHEET Date of Report 1. Name of Company 2.Name of Report Lesson 7-1, page 156

PREPARING A TRIAL BALANCE ON A WORK SHEET Single Rule 1. Account Titles 4.Add Totals 2.Account Balances 4 & Write Totals 6.Double Rule Lesson 7-1, page 157