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Adjustments, Financial Statements, and the Quality of Earnings
Chapter 4
PowerPoint Authors:
Susan Coomer Galbreath, Ph.D., CPA Charles W. Caldwell, D.B.A., CMA Jon A. Booker, Ph.D., CPA, CIA Cynthia J. Rooney, Ph.D., CPA
McGrawHill/Irwin Copyright © 2011 by The McGrawHill Companies, Inc. All rights reserved.
Understanding the Business
Management is responsible for preparing . . .
Financial Statements
High Quality = Relevance + Reliability
. . . useful to investors and creditors.
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Accounting Cycle
Start of Period
During the period:
Analyze transactions.
Record journal entries.
Post amounts to general ledger.
At the end of the period: Adjust revenues and
expenses.
Close revenues, gains, expenses, and losses to Retained Earnings.
Prepare financial statements.
Disseminate statements to
users.
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Unadjusted Trial Balance
• A listing of individual accounts, usually in financial statement order.
• Ending debit or credit balances are listed in two separate columns.
• Total debit account balances should equal total credit account balances.
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Partial Trial Balance
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