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Trial Balance

Trial Balance

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Trial Balance

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  1. Trial Balance

  2. Unearned Revenue

  3. Accumulated Depreciation

  4. Worksheet

  5. Examples temporary accounts that need to be closed at the end of the year

  6. Owner’s Equity

  7. Current Liability

  8. Consistency Principle

  9. Full Disclosure Principle

  10. Ordinary repairs

  11. List of all accounts and their balances

  12. Revenue collected but not yet earned

  13. Expenditures that are periodic and routine

  14. RevenuesExpensesOwner’s Withdrawals

  15. Contra Asset account with a normal credit balance

  16. States that businesses should use the same accounting method period to period

  17. Debt that has to be paid within the next year

  18. The account that Income Summary is closed to

  19. States businesses must provide enough information for outsiders to make knowledgeable decisions about the company

  20. Helps accountants:prepare financial statementsclose accountsmake adjusting entries