Stephanie Little

UNDERSTANDING ACCOUNTING PROCESSES AND THE ACCOUNTANTS ROLE IN ACCOUNTING SYSTEMS

ACCT 4342- ! ACCOUNTING SYSTEMS ANALYSIS " DESIGN

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UNDERSTANDING ACCOUNTING PROCESS & ACCOUTANTS ROLE IN ACCOUNTING SYSTEMS

Below is informa ion o wor! "e informa ion sim#la ion$ See "e las se% ion for &e ails on w"a o #rn in on "e &#e &a e$ Informa ion is &#e '( "e $EGINNING O# CLASS on "e &#e &a e i&en ifie& in "e s(lla'#s$ N% late &%'( i) a**epte+,
Below is a lis in) of all "e informa ion *ro+i&e& an& referen%es o file names, -$ S #&en Ins r#% ions .S #&en Ins r#% ions$&o%/ 0$ 1inan%ial S%"e&#les .1inan%ial S%"e&#les$2ls/ 3 ea%" of "ese are on &ifferen wor!s"ee a's wi "in "e same file$ a$ Pre3A&4#s e& Trial Balan%e 5 -067-6-0 '$ General Le&)er %$ S#'si&iar( Le&)ers i$ A%%o#n s Re%ei+a'le ii$ In+en or( iii$ 1i2e& Asse s i+$ A%%o#n s Pa(a'le +$ Salaries an& 8a)es &$ 9o#rnals i$ General 9o#rnal ii$ Pa(roll 9o#rnal iii$ Cas" Re%ei* s 9o#rnal i+$ Sales 9o#rnal +$ P#r%"ases 9o#rnal +i$ Cas" Dis'#rsemen s 9o#rnal 7$ No+em'er Re*or s an& S%"e&#les .No+em'er Re*or s & S%"e&#les$*&f/ a$ Ban! Re%on%ilia ions 3--67:6-0 i$ O*era in) Ban! A%%o#n ii$ Pa(roll Ban! A%%o#n '$ A%%o#n s Re%ei+a'le A)in) Re*or 5 --67:6-0

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UNDERSTANDING ACCOUNTING PROCESS & ACCOUTANTS ROLE IN ACCOUNTING SYSTEMS %$ In+en or( Re%on%ilia ion Re*or 5 --67:6-0 &$ 1i2e& Asse Re*or 5 --67:6:> e$ A%%o#n s Pa(a'le A)in) Re*or 5 --67:6-0 @$ De%em'er Re*or s an& S%"e&#les .De%em'er Re*or s & S%"e&#les$*&f/ a$ 9o#rnal En r( o 'e en ere& '( GL Cler! '$ Loan Amor iAa ion Ta'le %$ Loan Amor iAa ion Ta'le 0 &$ Ban! S a emen s i$ O*era in) A%%o#n 3 De% 0:-0

ii$ Pa(roll A%%o#n 5 De% 0:-0 =$ In+oi%es an& No e A)reemen s .De%em'er In+oi%es & A)reemen s$*&f/ B$ Pa(roll Ta2 Re*or s .Pa(roll Ta2 Re*or s$*&f/ <$ Pro%ess Dia)rams .Pro%ess Dia)rams$*&f/

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UNDERSTANDING ACCOUNTING PROCESS & ACCOUTANTS ROLE IN ACCOUNTING SYSTEMS

O-e'-ie& %. T'an)a*ti%n P'%*e))in/

I$ Man0al p'%*e))in/ %. a**%0ntin/ in.%'1ati%nCT"e s e*s in "e %lassi% man#al a%%o#n in) *ro%ess mo&el are as follows, a$ A '#siness ransa% ion o%%#rs an& is %a* #re& on a so#r%e &o%#men D '$ Da a from "e so#r%e &o%#men is re%or&e& %"ronolo)i%all( in a 4o#rnal .4o#rnaliAin)/, i$ T"e 4o#rnal re%or&s "e %om*le e a%%o#n in) ransa% ions 5 'o " "e &e'i an& "e %re&i $ %$ In&i+i&#al &e'i s an& %re&i s are %o*ie& from "e 4o#rnal o "e le&)ers .*os in)/D all ransa% ions are *os e& o "e )eneral le&)er an& man( are also *os e& o a s#'si&iar( le&)er, i$ The /ene'al le+/e'CClassifies ransa% ions '( finan%ial s a emen a%%o#n s .%as"E in+en or(E a%%o#n s *a(a'leE sales re+en#eE s#**lies e2*enseE e %$/ ii$ The )02)i+ia'3 le+/e') 4)02le+/e')5CClassif( ransa% ions '( al erna i+e a%%o#n s .e$)$E %#s omer a%%o#n sE +en&or a%%o#n sE *ro&#% amo#n s/$ No all ransa% ions are *os e& o s#'le&)ers, ea%" s#'le&)er %orres*on&s o a sin)le )eneral le&)er a%%o#n an& onl( ransa% ions "a affe% "a a%%o#n are *os e& in "e s#'le&)er$ T"e 'alan%e of a s#'le&)er m#s alwa(s a)ree o "e 'alan%e of "a a%%o#n on "e )eneral le&)er$ E2am*les of s#'le&)ers in%l#&e, -$ A6R S02le+/e'7Classifies A6R ransa% ions .sales an& %#s omer *a(men s/ '( C#s omerD 0$ In-ent%'3 S02le+/e'7Classifies In+en or( ransa% ions .*ro&#% *#r%"ases an& *ro&#% sales/ '( Pro&#% $ 7$ #i8e+ A))et S02le+/e'7Classifies "e &e ails of ea%" fi2e& asse .lifeE &e*re%ia ion me "o&E a%%#m#la e& &e*re%ia ion/ '( 1i2e& Asse @$ A6P S02le+/e' -33Classifie& A6P ransa% ions .*#r%"ases an& *a(men s o +en&ors/ '( Fen&orD =$ Sala'ie) an+ 9a/e) S02le+/e' : Classifies *a(roll &e ails .)ross salar(E a2es an& &e&#% ions/ '( Em*lo(ee$ &$ T"e le&)ers are #se& o *ro&#%e s#mmariAe& a%%o#n re*or s,

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UNDERSTANDING ACCOUNTING PROCESS & ACCOUTANTS ROLE IN ACCOUNTING SYSTEMS i$ T"e )eneral le&)er *ro&#%es "e rial 'alan%e an& finan%ial s a emen sD ii$ T"e s#'si&iar( le&)ers *ro&#%e re*or s %onsis en wi " "eir %on en .%#s omer A6R 'alan%esE +en&or A6P 'alan%esE e %$/$ II$ Com*# eriAe& *ro%essin) of a%%o#n in) informa ionCMos %om*# eriAe& a%%o#n in) s(s ems *ro%ess ransa% ions in ro#)"l( "e same manner as man#al s(s ems, ransa% ion &a a is %a* #re& an& re%or&e& %"ronolo)i%all(D i is "en re%lassifie& an& s#mmariAe& '( a%%o#n D finall(E "e a%%o#n s#mmaries are #se& o *ro&#%e finan%ial s a emen s an& o "er re*or s$ 1iles #se& o re%or& "is informa ion %orres*on& ro#)"l( o 4o#rnals an& le&)ers$

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UNDERSTANDING ACCOUNTING PROCESS & ACCOUTANTS ROLE IN ACCOUNTING SYSTEMS

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PR S9 CR P9 CD G9

S02)i+ia'3 Le+/e'
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Gene'al Le+/e'

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UNDERSTANDING ACCOUNTING PROCESS & ACCOUTANTS ROLE IN ACCOUNTING SYSTEMS

STUDENT INSTRUCTIONS Yo#r )oal in &oin) "is e2er%ise s"o#l& no 'e 4#s "e sa isfa% ion of %om*le in) "e *ro4e% $ Yo#r )oal s"o#l& 'e o #n&ers an& w"( (o# are &oin) ea%" s e*, w"a ea%" s e* a%%om*lis"esE an& w"a ea%" ells (o# a'o# "e General Le&)er an& "e na #re of "is a%%o#n in) s(s emE an& of a%%o#n in) s(s ems in )eneral$ Pos in) Referen%e a''re+ia ions #se& in "is *ro4e% , G9, General 9o#rnal CD, Cas" Dis'#rsemen P9, P#r%"ase 9o#rnal CR, Cas" Re%ei* S9, Sales 9o#rnal PR, Pa(roll 9o#rnal

In "is e2er%iseE Y%0 are "e %"ief a%%o#n an wor!in) for a firm in i s se%on& (ear of o*era ion$ Yo#r firm o*era e& for onl( a *ar ial (ear in 0:--$ In 0:-0E (o# an i%i*a e a lossE al "o#)" in 0:-7 (o# will 'e a'le o #rn a *rofi 'e%a#se (o# raise& *ri%es &#rin) 0:-0$ Yo# are in "e *ro%ess of ins allin) a new a%%o#n in) s(s em$ Yo# "a+e a new %ler! wor!in) for (o# w"o is *rone o ma!in) mis a!es an& &oesn !now "ow o fi2 "em$ Yo#r 4o' is o &o (o#r normal mon "3en& a%%o#n in) &# iesE )e "e &a a in o "e new a%%o#n in) s(s em wi " "e %ler!s assis an%eE an& fin& an& fi2 "e errors ma&e '( "e %ler!$ .De*en&in) on "e siAe of "e firmE in *ra% i%e (o# mi)" *re*are "e a2 re*or s in a&&i ion o "e as!s 'elowD '# for "is e2er%iseE "ese are *ro+i&e& for (o#$/ T"e %ler! will 'e assis in) (o# '( &oin) normal 'oo!!ee*in) an& %leri%al wor!E lea+in) (o# o &o "e a%%o#n in) as!s$ Hee* in min& "a (o# are "#man an& (o# ma!e mis a!es as well$ Some of "e mis a!es (o# will fin& an& fi2 ma( well 'e I(o#r ownJ .i$e$E "e a%%o#n an sK/ I is De%em'er 0:-0E "e -0 " mon " of (o#r fis%al (ear$ Las mon " (o# &i& (o#r normal &# ies an& re%on%ile& "e General Le&)er .G6L/$ All s#'si&iar( le&)ers %orre% l( ie& o "e )eneral le&)erE all "e 'an! a%%o#n s re%on%ile&E an& all a2 re*or s a)ree& wi " (o#r G6L$ A No+em'er 7:E 0:-0 (o# "a& a %lean se of 'oo!s$ An( errors (o# ma( fin& are in De%em'er$ 1or "el* wi " e%"ni%al ermsE (o# s"o#l& %"e%! wi " "e ICon rollerJE (o#r ins r#% or$ -$ T"e firs or&er of '#siness is o )e "e 'alan%es from (o#r ol& a%%o#n in) s(s em in o (o#r new a%%o#n in) s(s em$ Yo# "a+e *re*are& a 4o#rnal en r( .see De%em'er Re*or & S%"e&#les/ wi " "ese 'alan%es an& )i+en "em o "e %ler! o re%or& in "e new General 9o#rnal an& *os o "e General Le&)er$ Yo# %ler! "as &one 'o " "ese as!s$ S"e re*or s "a "er 4o#rnal en r( .9o#rnals/ 'alan%e a)rees wi " (o#r 4o#rnal en r(E '# "er "as" o al &oesn a)ree wi " (o#r "as" o al$ Yo#r as!, a$ De ermine w"( "e wo "as" o als &iffer$ '$ Pre*are a 4o#rnal en r( o %orre% "e error$ %$ Re%or& "is 4o#rnal en r( in *ro*er form in "e General 9o#rnal$ &$ Pos an& #*&a e "e General Le&)er for "is 4o#rnal en r(

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UNDERSTANDING ACCOUNTING PROCESS & ACCOUTANTS ROLE IN ACCOUNTING SYSTEMS

e$ All *os in) referen%es s"o#l& 'e in&i%a e& in 'o " "e General 9o#rnal an& "e General Le&)er$ 0$ Now (o# m#s )o "ro#)" ea%" a%%o#n in "e General Le&)er an& as%er ain w"e "er "e 'alan%e is %orre% as of "e en& of De%em'er 7-E 0:-0$ 1or "e Balan%e S"ee A%%o#n s (o# will #se Re%on%ilia ionE 'an! s a emen sE A)in) re*or sE a2 re*or s an& so for " o &e ermine w"e "er "e 'alan%e are %orre% $ 1or "e In%ome S a emen a%%o#n s (o# will rel( on reasona'leness es sD "a isE is i reasona'le for "a a%%o#n o "a+e "a !in& of 'alan%e .&e'i or %re&i /E a2 re*or sE s#**or in) s%"e&#lesE an& siAe of 'alan%e .lar)e or small/L a$ S ar wi " "e wo %as" a%%o#n s .o*era in) an& *a(roll %as" a%%o#n s/ an& *re*are 'an! re%on%ilia ions for "ose 'an! a%%o#n s$ Ban! s a emen s for De%em'er are *ro+i&e&E as well as "e 'an! re%on%ilia ions for No+em'er o #se as (o#r )#i&e$ An( ne%essar( a&4#s men s s"o#l& 'e ma&e in *ro*er forma in "e General 9o#rnal an& "en *os e& o "e General Le&)er an& "e General Le&)er #*&a e&$ All *os in) referen%es s"o#l& 'e in&i%a e&$ '$ Pre*are an A%%o#n s Re%ei+a'le A)in) Re*or li!e "e one *re*are& in No+em'er$ Refer o "e A%%o#n s Re%ei+a'le S#'si&iar( Le&)er$ Com*are "is re*or o A6C -0:: A%%o#n s Re%ei+a'le in "e General Le&)er$ T"e o al in (o#r A6R A)in) Re*or s"o#l& a)ree wi " "e 'alan%e in A6C -0:: A6R in "e General Le&)er$ If "e wo n#m'ers &o no a)reeE (o# m#s &e ermine w"($ Yo#r a)in) re*or ma( 'e in%orre% $ Be s#re o %"e%! "e General 9o#rnalE Sales 9o#rnalE an&6or "e Cas" Re%ei* s 9o#rnalD ens#re "a all en ries "a+e 'een *os e& o 'o " "e s#'si&iar( le&)er an& "e General Le&)er 'efore ma!in) an( a&4#s men $ I is *ossi'le "a (o# are &ealin) wi " a *os in) error$ If (o# nee& o ma!e an a&4#s men o "e General Le&)erE #se "e General 9o#rnal$ If (o# nee& o a&4#s a C#s omer A%%o#n '( iss#in) a Cre&i Memo or a De'i MemoE &o so #sin) "e Sales 9o#rnal$ If an en r( "as no 'een *os e& o ei "er "e s#'si&iar( le&)er or "e General Le&)erE "en *os "a en r( an& re3&o "e A)in) Re*or $ Re*ea "is *ro%ess #n il (o#r A)in) re*or a)rees wi " (o#r General Le&)er$ %$ Yo#r firm #ses 0M of "e 'alan%e in A%%o#n s Re%ei+a'le as "e Allowan%e for Do#' f#l A%%o#n s$ On%e (o# "a+e es a'lis"e& "e %orre% 'alan%e in A6R ma!e s#re "a "e Allowan%e for Do#' f#l A%%o#n s eN#als 0M of A6R '( ma!in) an en r( in "e General 9o#rnal$ Pos "e en r( o "e General Le&)er$ Be s#re o in%l#&e 9o#rnal referen%es$ &$ A6C >-::E A6C -07:E A6C -0@:, In eres In%omeE In eres Re%ei+a'leE an& No e Re%ei+a'le s"o#l& ie . "is means "a "e General Le&)er amo#n s s"o#l& a)ree wi " "e amo#n s in "e amor iAa ion a'le/ o Amortization Table 1 w"i%" names OYo#r Com*an( as "e Len&er$ .See De%em'er Re*or s & S%"e&#les$/ e$ T"e a#&i ors "a+e o'ser+e& "e *"(si%al %o#n of in+en or(E an& o)e "er (o# "a+e wor!e& #* a lis of in+en or($ T"is lis in&i%a es "a
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UNDERSTANDING ACCOUNTING PROCESS & ACCOUTANTS ROLE IN ACCOUNTING SYSTEMS

"ere are -: #ni s of i em -:E 7 #ni s of i em 0:E Aero .:/ #ni s of i em 7:E an& -< #ni s of i em @: on "an&$ 1irs E %"e%! "e General Le&)er an& S#'si&iar( Le&)ers o see if "e( a)ree wi " "is in+en or( %o#n $ If "e( &o no E "en ne2 %"e%! "e P#r%"asesE SalesE an& Cas" Dis'#rsemen s 4o#rnals o see if all in+en or( i ems "a+e 'een %orre% l( *os e& o "e General Le&)er and "e S#'si&iar( Le&)er$ Af er i&en if(in) an& %orre% in) an( *os in) errorsE if &is%re*an%ies remainE "en a&4#s in+en or( o a)ree wi " "e a#&i ors %o#n E #sin) "e S"rin!a)e an& 8as e a%%o#n .A6C @<::/ an& "e General 9o#rnal o ma!e (o#r en r($ Pos o "e General Le&)erE 'ein) s#re o in%l#&e 9o#rnal referen%e$ 8"en (o# are finis"e&E *re*are an in+en or( re%on%ilia ion re*or li!e "e one *re*are& in No+em'erE in&i%a in) "a "e in+en or( s#'si&iar( le&)er now a)rees wi " "e General le&)er$ Be s#re "a (o# "a+e #*&a e& 'o " "e S#'si&iar( le&)er and the General Le&)er$ Be s#re o #*&a e N#an i ies an& &ollar amo#n s$ f$ Pre*ai& Ins#ran%e s"o#l& 'e e2*ense& a "e ra e in&i%a e& on "e in+oi%e$ Yo# nee& o %"e%! "e Cas" Dis'#rsemen s 9o#rnal or "e P#r%"ase 9o#rnalE i&en if( an& lo%a e "e in+oi%eE an& &e ermine "ow m#%" of "e ins#ran%e nee&s o 'e e2*ense& an& w"i%" a%%o#n s are affe% e&$ Pre*are a General 9o#rnal en r( o e2*ense "e *ro*er amo#n $ Pos "e en r(E wi " *ro*er *os in) referen%es o "e General Le&)er$ )$ Pre*are a 1i2e& Asse Re*or li!e "e one *re*are& in No+em'er$ O' ain "ese n#m'ers from "e 1i2e& Asse S#'si&iar( Le&)er$ Com*are "e o al in "e ICos J %ol#mn o "e o al in A6C -=:: 5 1#rni #re an& 1i2 #res$ .1#rni #re an& 1i2 #res is a (*e of 1i2e& Asse /$ T"ese wo n#m'ers s"o#l& a)ree$ If "e wo n#m'ers are no "e sameE "en (o# nee& o %"e%! "e General 9o#rnalE Cas" Dis'#rsemen s 9o#rnal an& P#r%"ases 9o#rnal for an( "in) "a loo!s li!e a fi2e& asse *#r%"ase$ Yo# are loo!in) for some "in) "a mi)" "a+e 'een re%or&e& ei "er in "e s#'si&iar( le&)er '# no "e General Le&)erE or in "e General Le&)er '# no "e s#'si&iar( le&)erE or some "in) "a was re%or&e& in 'o " "e s#'si&iar( le&)er AND "e General Le&)er '# in "e wron) General Le&)er a%%o#n $ On%e (o# i&en if( "e errorE %orre% "e a**ro*ria e le&)er or le&)ers$ Com*are "e o al in "e IA%%#m#la e& De*re%ia ionJ %ol#mn o "e o al in A6C -=:= A%%#m#la e& De*re%ia ion$ If "ese wo n#m'ers &o no a)reeE %"e%! "e General 9o#rnal an& General Le&)er o see w"a amo#n s were *os e& o "e General Le&)er from o "er 4o#rnals$ Ne Boo! Fal#e s"o#l& eN#al Cos 5 A%%#m#la e& De*re%ia ion$ Re3&o "e 1i2e& Asse Re*or #n il i a)rees wi " "e General Le&)er$ "$ 1or ea%" i em lis e& in "e Cas" Dis'#rsemen s 9o#rnal an& "e P#r%"ases 9o#rnalE ra%e 'a%! o "e so#r%e &o%#men s an& ma!e s#re "e &o%#men "as 'een re%or&e& *ro*erl( in "e 4o#rnal$ C"e%! "e &ollar amo#n E "e #se of "e *ro*er General Le&)er A%%o#n E an& "e
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UNDERSTANDING ACCOUNTING PROCESS & ACCOUTANTS ROLE IN ACCOUNTING SYSTEMS

#se of "e *ro*er S#'si&iar( Le&)er A%%o#n $ If (o# fin& an errorE %orre% "e *ro'lem in "e a**ro*ria e 4o#rnal, General or P#r%"ases 9o#rnal for errors in "e P#r%"ase 9o#rnalD General 9o#rnal for errors fo#n& in "e Cas" Dis'#rsemen 9o#rnal$ Pre*are an A%%o#n s Pa(a'le A)in) Re*or li!e "e one *re*are& in No+em'erE #sin) "e A%%o#n s Pa(a'le S#'si&iar( Le&)er$ Com*are "e o als of "is re*or o "e 'alan%e in A6C 0-:: in "e General Le&)er$ If "ese wo amo#n s &o no a)reeE %"e%! "e General 9o#rnalE "e Cas" Dis'#rsemen s 9o#rnalE an& "e P#r%"ases 9o#rnal$ Yo# are loo!in) for some "in) "a mi)" "a+e 'een re%or&e& ei "er in "e s#'si&iar( le&)er '# no "e General Le&)erE or in "e General Le&)er '# no "e s#'si&iar( le&)erE or some "in) "a was re%or&e& in 'o " "e s#'si&iar( le&)er AND "e General Le&)er '# in "e wron) General Le&)er a%%o#n $ On%e (o# i&en if( "e errorE %orre% "e a**ro*ria e le&)er or le&)ers$ Re3&o "e A%%o#n s Pa(a'le A)in) re*or #n il i a)rees wi " "e General Le&)er$ i$ A6C 0-@: 5 A6C 0-;:D A6C ;-::E ;0::E ;0=:E an& ;@:: an& A6C B=:: Pa(roll Ta2 Lia'ili iesE Pa(roll Ta2 E2*ensesE Salaries an& 8a)es, Tie "ese a%%o#n s an& "e Salaries an& 8a)es S#'3Le&)er o "e *a(roll a2 re*or s .see Ta2es$/ 4$ A6C >:::E A6C 0->:E A6C 000: an& A6C 0<::, In eres E2*enseE In eres *a(a'leE C#rren an& No es Pa(a'le s"o#l& 'e ie& o "e amor iAa ion a'le for 1irs Ban!, Amor iAa ion Ta'le 0$ !$ A6C 00:: 1IT Pa(a'le$ T"e a2 ra e is 7=M '# onl( if (o# mana)e o "a+e a ne in%ome for 0::>$ Lea+e "is for las D (o# will nee& o fi)#re (o#r ne in%ome 'efore (o# %an %al%#la e in%ome a2$ l$ A6C 0<-: is a line of %re&i from 1irs Na ional Ban!$ Yo#r %om*an( is a# "oriAe& o &raw #* o P-E:::E::: on "is line of %re&i $ An( amo#n &rawn &own m#s *a( in eres o "e 'an! a "e ra e of 0M *er mon " .see "e erms on "e line of %re&i &o%#men /D "e 'alan%e is &rawn &own an& remains o# s an&in) an& #n*ai& o "e 'an!$ T"e PB:E::: "as 'een o# s an&in) sin%e A*ril -E 0:-0$ m$ If (o#r Balan%e S"ee a%%o#n s are OHE "e onl( "in) "a %an 'e wron) wi " (o#r In%ome S a emen a%%o#n s are mis%lassifi%a ions$ Yo#r %ler! is no orio#s for *i%!in) #* "e wron) a%%o#n n#m'ers$ Yo#r 'rowse "ro#)" "e In%ome S a emen a%%o#n s fin&s 7 a%%o#n s "a are +er( s ran)e$ .Yo# s"o#l& fin& "a a leas one of "eseE *er"a*s moreE "as alrea&( 'een fi2e& as a '(3*ro&#% of (o#r fi2in) a 'alan%e s"ee a%%o#n in "e *re%e&in) s e*s$/ A%%o#n in) fees "as wo en ries from "e P#r%"ase 9o#rnalE an& (o# !now "a (o# "a+e onl( "a& (o#r in+en or( %o#n e&$ No o "er a%%o#n in) wor! "as (e 'een &one$ De*re%ia ion e2*ense "as an en r( from "e Pa(roll 9o#rnal$ T"is s ri!es (o# as o&&$ Salaries an& 8a)es "as no en r( for De%em'er$ 1UTA e2*ense seems "i)"$
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UNDERSTANDING ACCOUNTING PROCESS & ACCOUTANTS ROLE IN ACCOUNTING SYSTEMS

1or "e a'o+e a%%o#n sE (o# s"o#l& )o 'a%! o "e 4o#rnals an& ra%e "e en ries o learn w"e "er "ere is a *os in) error$ If soE (o# s"o#l& fi2 "ese errors #sin) "e General 9o#rnal$ n$ Use Mis%ellaneo#s In%ome an& E2*ense if (o# nee& o ma!e a small off3se in) 4o#rnal en r($ o$ On%e "e General Le&)er is %leane& #*E (o# are rea&( o *re*are re*or s$ Normall( one wo#l& *re*are all "e s an&ar& finan%ial s a emen '# for "is man#al *ro4e% (o# will *re*are 4#s one re*or , *re*are an A&4#s e& Trial Balan%e in )oo& form #sin) *rofessional *resen a ion$ T"e o# 3of3%lass *ro4e% &e aile& a'o+e is a learnin) e2er%ise onl($ Yo#r !nowle&)e will la er 'e es e& an& "e '#l! of (o#r )ra&e assi)ne& 'ase& on "e in3%lassE ime& an& *ro% ore& e2am$ T"erefore i &oes no ma!e sense merel( o %o*( "e res#l s of "is e2er%ise$ 1eel free o see! "el* from "e ProfessorE an& (o# ma( %ons#l wi " an(one elseD '# 'e s#re o wor! "ro#)" all "e s e*s of "is e2er%ise o )ain a f#ll #n&ers an&in) for "e e2amE w"i%" re*ea s *or ions of "is *ro'lem$ T"ere will NOT 'e a&eN#a e ime o re3%o*( (o#r e2er%ise res#l s on "e es $

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