ACCT 1010
Lesson 4 - Chapter 4
Completing the Accounting Cycle

Learning Objectives

1. Identify the steps in the accounting cycle
2. Identify the accounts that are closed each accounting period and prepare a post-closing trial balance
3. Explain why temporary accounts are closed
4. Prepare closing entries
5. Identify the parts of a classified balance sheet and prepare a classified balance sheet
6. Prepare a work sheet and explain its usefulness

Learning Activities

• Read Chapter 4 of your accounting text.
• Print and review the instructional handout for Closing Entries.
• View the PowerPoint Lesson entitled Closing Entries.
• Try the Closing Entries Quiz.
• Complete the following Connect Interactive Presentations.  To see the presentations, click the Expand arrow for Chapter 4 in Connect, then click the link for each presenation and click the Play button.
  • Preparing Closing Entries
  • Preparing a Classified Balance Sheet
• Complete the following practice problems and check them against the solutions provided for the B Problems. See your textbook for problem instructions.  These problems are not required work but may be helpful to your progress toward lesson objectives.
  • P4-4B
  • P4-5B

Assessments

• Take the Closing Entries Quiz.
• Complete the homework problems assigned in Connect. Click the Expand arrow for Chapter 4 in Connect, then click the Chapter Four Homework link.