AOF Principles of Accounting

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AOF Principles of Accounting Unit 2, Lesson 8 The Balance Sheet Copyright © 2008–2011 National Academy Foundation. All rights reserved. Copyright © 2009-2011 National Academy Foundation. All rights reserved. Copyright © 2009-2011 National Academy Foundation. All rights reserved.

Step 5 in the accounting cycle is to prepare financial statements 1 Source Documents – Paper trail of financial transactions  2 General Journal – Chronological listing of transactions 3 General Ledger – Details activity by account  4 Trial Balance – Proves Debits = Credits  5 Financial Statements – Income statement, SCOE, balance sheet, statement of cash flow 6 Post-closing journal entries – Temp accts = $0 7 Post-closing trial balance – Debits still equal credits Copyright © 2009-2011 National Academy Foundation. All rights reserved.

Assets Liabilities _ – Liabilities Owner’s Equity + Owner’s Equity The balance sheet is a simple way of showing a business’s accounting equation Assets _ – Liabilities Owner’s Equity Liabilities + Owner’s Equity Assets is the same as What happens when a business’s liabilities are greater than its assets? Copyright © 2009-2011 National Academy Foundation. All rights reserved.

Information on the balance sheet can be compared for accuracy to information on other financial statements Copyright © 2009-2011 National Academy Foundation. All rights reserved.

The balance sheet shows: Assets Liabilities Owner’s equity The balance sheet is a high-level snapshot of a company’s financial makeup The balance sheet shows: Assets Liabilities Owner’s equity Copyright © 2009-2011 National Academy Foundation. All rights reserved.