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ACC 290 Week 4 Learning Team Reflection Summary

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Running head: WEEK FOUR REFLECTION SUMMARY 1
Week Four Reflection Summary
ACC/290
University of Phoenix

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WEEK THREE REFLECTION SUMMARY 2
Week Three Reflection Summary
Week three was very informative. The team members’ knowledge has continued to
increase in accounting. The team members learned about preparing closing entries, reversing
entries, and a post-closing trial balance. In addition, the team members gain knowledge about
preparing a financial statement worksheet, preparing a classified income statement, retained
earnings statement, and balance sheet.
The closing journal entries are important in the practice of accounting because at the end
of the accounting period it helps zero the balances of the temporary accounts, and transferring
the balances to the permanent accounts. On the other hand, some companies perform reversing
entries to make sure that they record their revenues in the period they earned them and that they
recognize their expenses in the period they incur. Companies execute reversing entries on the
first day of an accounting period to remove some adjusting entries made at the end of the
previous accounting period. This process is optional; however, it proves that there is no double
counting of revenues or expenses, which makes sure everything is accurate.
The financial statement worksheet is a way of summarizing accounting information.
Companies use the financial statement worksheet to prepare financial statements and save time.
Basically, the financial statement worksheet contains multiple columns used to transfer
accounting data from trial balance to financial statements. The financial statement worksheet is
used by accountants and companies to have accounting information in a summarized manner.
Companies prepare their financial statements after they figure the adjusted trial balance.
They prepare their income statement from the revenue and expense accounts. The retained

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WEEK THREE REFLECTION SUMMARY 3
earnings statement uses the retained earnings account, dividend account, and the net income
from the income statement. Assets, liability, and stockholders’ equity accounts are reported in
the balance sheet. The retained earnings from the ending balance in the retained earnings
statement is also used in the balance sheet. These financial statements are a good way for a
company to report their assets, liabilities, expenses, and revenues. This information is important
to different people like stockholders’, lenders, creditors, managers, and employees.
At the conclusion of week three, the class has a good understanding of the steps in the
accounting cycle. The class also has a better knowledge of closing entries, reversing entries, and
the benefits of a financial worksheet. This information will expand into week four.

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