4. Prepare an Income Statement and Balance Sheet

Use your knowledge from the previous accounting courses (the accounting process, the accounting equation and the debit and credit rules, processing journals to ledgers) to prepare an Income Statement and Balance Sheet from a Trial Balance.

In the videos, a teacher will explain;

• ♦How to prepare financial reports from the trial balance,
•      ♦The Balance Sheet or Statement of Financial Position, and
•     ♦ The Profit and Loss/ Income Statement or Statement of Financial Performance
• ♦How to classify items on the financial statements

Practice your learning with games and further notes.