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Creating a Worksheet for Fiscal Periods

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richterm
8 diapositives · 117 Views · Jan 02, 2020

Learn how to create a worksheet to summarize and report financial information for a fiscal period. Understand the purpose of a worksheet, including proving debit and credit equality, planning account changes, and calculating net income or net loss.

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Creating a Worksheet for Fiscal Periods
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  1. LESSON 6-1 Creating a Worksheet Original created by M.C. McLaughlin, Thomson/South-Western Modified by Deborah L. Burns, Johnston County Schools, West Johnston High School

  2. Fiscal Periods • The length of time for which a business summarizes and reports financial information is called afiscal period. • Also know as an accounting period • Businesses usually select a period of time for which to summarize and report financial information. • Each business chooses a fiscal period length that meets its needs. Because federal & state tax reports are based on one year, most businesses use a one-year fiscal period. • Financial information may be analyzed, summarized, & reported on any date a business needs the information. However, financial information is always summarized & reported at the end of a fiscal period. LESSON 6-1

  3. Work sheet • A columnar accounting form used to summarize the general ledger information needed to prepare financial statements is called a work sheet. • Accountants use a work sheet for 4 reasons: • To summarize general ledger account balances to prove that debits equal credits • To plan needed changes to general ledger accounts to bring account balances up to date • To separate general ledger account balances according to the financial statements to be prepared • To calculate the amount of net income or net loss for a fiscal period LESSON 6-1

  4. Work sheet • Journals and ledgers are permanent records of a business & are usually prepared in ink or printed by a computer • A work sheet is a planning tool & is not considered a permanent accounting record • A worksheet is prepared in pencil LESSON 6-1

  5. 1 Name of Company 2 Name of Report 3 Date of Report PREPARING THE HEADING OF A WORK SHEET page 153 • The heading on a work sheet consist of 3 lines • Name of the business • Name of the report • Date of the report LESSON 6-1

  6. PREPARING A TRIAL BALANCE ON A WORK SHEET • The total of all debit account balances must equal the total of all credit account balances • A proof of the equality of debits & credits in a general ledger is called a trial balance • Information for the trial balance is taken from the general ledger • General ledger account titles are listed in the same order as the chart of accounts • All account titles are listed, even if some accounts do not have balances LESSON 6-1

  7. 2 1 4 3 5 6 PREPARING A TRIAL BALANCE ON A WORK SHEET page 154 1. Write the general ledger account titles. 2. Write the general ledger debit account balances. Write the general ledger credit account balances. 3. Rule a single line across the two Trial Balance columns. 4. Add both the Trial Balance Debit and Credit columns. 5. Write each column’s total below the single line. 6. Rule double lines across both Trial Balance columns. LESSON 6-1

  8. TERMS REVIEW page 155 • fiscal period • work sheet • trial balance LESSON 6-1