This course on End of Period Adjustments is designed to provide participants with a deep understanding of the importance of making adjustments at the end of an accounting period. Participants will learn the significance of these adjustments in ensuring the accuracy of financial statements and the overall health of a company's financial records.
Throughout the course, participants will explore various types of end-of-period adjustments, including accruals, deferrals, depreciation, and provisions. They will also learn how to identify and correct errors in financial statements through these adjustments.
By the end of the course, participants will have the knowledge and skills to appropriately make end-of-period adjustments in accordance with accounting principles and regulations. This will enable them to produce accurate and reliable financial statements that reflect a company's true financial position.
Whether you are a finance professional looking to enhance your skills or a business owner seeking to improve your financial management practices, this course on End-of-Period Adjustments will provide you with the necessary tools and techniques to manage and report financial information effectively.
What will i learn?
- Explain why adjustments are made to financial statements
- Prepare journal entries for pre-payments and advanced revenues
- Prepare journal entries for accrued expenses and revenues
- Determine the amount of expenses or revenues to be transferred to the Profit and Loss Account/Income Statement
- Indicate where accruals and prepayments will appear on the Balance Sheet
- Distinguish between bad and doubtful debts
- Prepare journal entries and ledger accounts to write off bad debts and create provision for doubtful debts
- Explain the nature of depreciation
- Calculate annual depreciation expenses using the straight-line method and the reducing balance method
- Prepare journal entries and ledger accounts for provision for depreciation
- Prepare Financial Statements after adjustments
- Preparing Financial Statements
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End of Period Adjustments
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Accruals
00:01:58
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Accruals Explained
00:01:58
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Presentation
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Worked Example
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