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Work Sheet For A Service Business: Accounting Concept
Work Sheet For A Service Business: Accounting Concept
Accounting Concept
Consistent Reporting-the same
Work Sheet for a accounting procedures are followed in
the same way in each accounting period
Service Business Why?
• Info can be compared year to year.
• Info analyzed, summarize, &
reported in meaningful way.
Accounting1
Chapter 6 Notes March 02, 2010
Work Sheet-a columnar accounting form used Four reasons for completing a work sheet:
to summarize the general ledger info needed • Summarize general ledger balances and to prove the
to prepare financial statements equality of debits and credits. (and find mistakes)
Accounting1
Chapter 6 Notes March 02, 2010
Finding Mistakes
Net Loss-when the total expenses are
greater than the total revenue
Accounting1
Chapter 6 Notes March 02, 2010
...is 1 ($0.01, $0.10, $1.00, or $10.00) ...can be divided evenly by 2 (it's even)
Accounting1
Chapter 6 Notes March 02, 2010
Accounting1