Preparation of Balance sheet preparation of cash flow statement
Preparing closing Entries
At the end of the accounting fiscal year, the balances of the nominal accounts are to
be transferred from the trial balance to the profit and loss account through closing entries,
these entries produce a zero balance in each nominal account.
Journalizing and posting closing entries is an essential step in the accounting cycle.
Separate closing entries could be prepared for each nominal account, but the following two
entries satisfy the desired result:
١. Debit each revenue account for its balance and credit profit and loss account for
total revenues.
٢. Debit profit and loss account for total expenses and credit each expense account
for its balance.
Below, is closing entries illustration:
To illustrate the journalizing and posting of closing entries, we will assume that
Al-Rashed, lawyer closes his books monthly. The closing entries at December ٣١ are
shown in the following illustration.
General Journal J٤
Date Account Titles and explanation Ref. Debit Credit
Dec., ٣١ Income fees ٢٠،٠٠٠
Profit and loss account ٢٠،٠٠٠
٣١ Consultation fees ١٥،٠٠٠
Profit and loss account ١٥،٠٠٠
٣١ Profit and loss account ٧،٠٠٠
Office rent ٥،٠٠٠
Posting of closing entries
The posting of the closing entries are shown in the following accounts, all the
nominal accounts have zero balances.
Consultation Income Fees
Office rent Salaries expense
Profit and loss account
Dr Cr
Office rent ٥،٠٠٠ Income fees ٢٠،٠٠٠
Salaries expense ٢،٠٠٠ Consultation fees ١٥،٠٠٠
* Note that profit and loss account is used only in closing. No entries are journalized and
posted to this account during the year.
Preparation of income statement
The income statement is designed the report the results of earning activities
(operations) for a specific time period such as a month, quarter, or year.
Net income for the period is the excess of revenues over expenses for that time.
The heading of the income statement indicates the name of the business, the name of the
statement, and the time period covered by the statement. Below an illustration of
Al-Rashed lawyer income statement for the month of December ٢٠٠٢.
Al-Rashed, Lawyer
Income Statement
For the month of December ٢٠٠٢
Dr. Cr.
Revenues :
Fees revenue ٢٠،٠٠٠
Consultation fees ١٥،٠٠٠
Total revenue ٣٥،٠٠٠
Expenses :
Rent expense ٥،٠٠٠
Salaries expense ٢،٠٠٠
Total expenses ٧،٠٠٠
Net Income ٢٨،٠٠٠
Note that :
١. Revenues are defined as in flows of assets either from the sale of goods or the
performance of services.
٢. Expenses are defined as out flows or other uses of assets to produce revenue, and
٣. Net income is defined as the excess of revenues over expenses, and will be
transferred to the balance sheet as either profit or loss.
Balance Sheet
The balance sheet reports the financial position of a business at a specific point in
time. Consequently, it is often called the “Statement of Financial position”. Financial
position is reflected by the amount of the business’ assets (resources), the amount of its
liabilities (debts owed), and the amount of its owners’ equity (assets minus liabilities).
Below an illustration of Al-Rashed lawyer balance sheet for one month practice period on
December ٣١, ٢٠٠٢.
Al-Rashed, Lawyer
Balance Sheet
December ٣١, ٢٠٠٢
Assets Liabilities
Cash ٦٥،٠٠٠ Accounts payable ١٥،٠٠٠
Supplies ٣،٠٠٠ Owners equity ٥٠،٠٠٠
Equipment ٢٥،٠٠٠
Net profit ٢٨،٠٠٠
The balance sheet heading indicates the name of business, the name of the
statement, and the date of the statement. The assets of the business are listed on the left
side and the liabilities and the owners’ equity are listed on the right side. Note that the
totals on each side of the balance sheet are equal. This equality must exist because the left
side lists the assets of the business and the right side shows the sources of the assets.
Left side Right side
Assets = Liabilities + Owners’ equity
١. Eldon S. Hendriksen, Accounting Theory, (Illinois: Richard D. Irwin, Inc.,
٢. Kieso, D. and Weygandit, J. Financial Accounting (New York: John Wiley,
Third Edition).
٣. Joel Lerner and James A. Cashin, Theory and Problems of Principles of
Above……..…………………………………KKKKKKKKKKKKKKKKKKKKK……………...………
Accept……..……………K…………………KKKKKKKKKKKKKKKKKKKKKKKKKKKK…………………….
Accepted….……………K……………………KKKKKKKKKKKKKKKK……………………….
Accompanied….……………………………KKKKKKKKKKKKKKK……………………….
Accounting cycle…K.KKKKKKKKKKKKKKKKKK………………………...……………………
Accounting equation…KKKK…K………………………….………………א א
Accounting……………KKKKK…K….…………………………………….א א
Accounts payable…KKKKKKKKKKKKKKKKKKKKKK……………………..……………………….. א
Accounts receivable………KKKKKKKKKKKKKKKKKK…………….………………………….
Acquire………………………KKKKKKK.KK……………..…………………….
Add……………………………KKKKKKK.……………..……………………
Additional…KKKKKKKKKKKKKKKKKKK………….…………………………………………….
Adjust………KKKKKKKKKKKKKKKKKKK……………………….………………………………
Adjusted trial balance……KKK……………...………………… א א א א
Adjusting entries………KKKKKKKKKK…………………………………………. א
Advertise…………KKKKKKKKKKKKKKKKKKKK….…………....…………………………………
Advertisement……KKKKKKKKKKKKKKKKK…….………….………………………………
Affect……………KKKKKKKKKKKKKKKKKKK…….………….………………………………..
Agree……KKKKKKKKKKKKKKKK……………….………….……………………………… א
Agreement…KKKKKKKKKKKKKKKKKKK………….……………..…………………………….
Amount…………………………………………………………..……
Annually……………………………………………………………...…….
Appear………………………………………………………………..…….
Apply………………………………….…………………………….………
Application………………………………………………………..…..…….
Arrangements……………………………………………….…...…….... א א א
Assets………………………………………………………………………
Auditing……………………………………………………………….…... א א
Available…………………………………………………….…...……...……
Bad debt…………………………………………..……………………
Balance…………………………………………………………………..…
Balance sheet……………………………………………………….……… א א
Bank reconciliation…………………………………………….… א
Bank statement……………………………………..………….… א
Based on……………………………………………………………..…
Beginning………………………………………………………...………… א
Below……………………………………………………………………...…
Bill………………………………………………………….………………
Blanks………………………………………………..…………………… א
Book value………………………………………………..………… א א
Budget………………………………………………….………….……… א
Building…………………………………………………………..…………
Business………………………………………………….…………
Buy…………………………………………………………………...……
Buyer……………………………………………………………...………
Calculate……………………………………………………..……………
Capital……………………………………………………….………… א
Capital expenditure……………………………………….……
Cash…………………………………………………………………………
Cash basis…………………………………………..………………… א א
Cheqe…………………………………………………………………..……
Circle…………………………………………………………...………… א
Classify…………………………………………………………....…
Closing entries…………………………………………………...…… א
Collect……………………………………………………………...………
Collections………………………………………………………...………
Combination……………………………………………………………..…
Commissions………………………………………………………..……
Complete…………………………………………………………….…
Compute……………………………………………………………...…… א
Concept……………………………………………………………………
Consist……………………………………………………………..………
Continue………………………………………………………..….………
Copyrights……………………………………………………………… א
Correct……………………………………………………..…………….…
Corrected balance………………………………………........……… א א
Cost…………………………………………………………………...…… א
Count………………………………………………………………………
Credit………………………………………………………………..……… א
Creditor……………………………………………………………...……… א
Currency……………………………………………………………………
- ٥٢ -
Current…………………………………………………………………… א
Current assets…………………………………….……..………… א א א
Current liabilities…………………………………..………….…… א א א
Customer……………...……………………………………………………
Cycle…………………………………...……………………………………
Date…………………………………………………..…………………… א
Data ………………………………………………………………..………
Debit…………………...……………………………………………………
Decide………………………………….……………………………………
Decision………………………………………………...…………………… א
Decrease…………………………………………………..………
Deduct……………………………………….……………………
Delivery……………………………………………………………………
Deposit…………………………………...……………………………
Determine…………………………………………………………………
Difference…………………………………………………..………………
Double entry system……………………………………….……… א א
Each……………………………………………...…………………………
Earn…………………………………………………..……………………
Economic entity……………………....………………..……… א א
Effect…………………………………………………...……………………
Elements……………..……………………………………………………
Employ…………………………….………………………….……………
Employee…………………………..………………………….…
٢٤٥ א
א
א
- ٥٣ -
Enclosed……………………………………………………….……………
Enough……………………………………………………………………
Enterprise……………………………………...…………………………
Entry………………………………………………………….………………
Equal……………..…………………………………………………………
Equation……………………...……………………………………………
Equipment………………………………………………………………… א
Equivalent………………………………………….………………………
Error…………………………………………………………………………
Essential………….………………………………………………………
Estimate……………………..………………………………………………
Estimation……………………………..……………………………………
Event………………………………………………...………………………
Exceed………………………………………………………..……………
Expansion……………………………………………..……………………
Expect………………………………………………………………………
Expense…………..…………………………………………………..……
Expenditure………………..……………………………………..………
Factors……………………………………..……………………………… א
Fees……………………………………………………….…………………
Fill…………………………………………………….………………………
Finance…………………………………………..…………………………
Financial statements………………………………..…….…………… א א א
Fiscal…………………………………………………………………...……
٢٤٥ א
א
א
- ٥٤ -
Fiscal year………………………………………………………………
Fixed assets…………………………………………………..…………
Future………………………………………………………………..…… א
Furniture………………………………………………………….…………
General………………….……………………………………………………
General journal…………….………………………………..……… א א
General ledger…………………...………………………………… א א
Goodwill……………………………………..………………...…………… א
Important…………………………………………………….………………I
ncome statement………………………………..……………….……… א
Include…………………………………………………….……..…………
Increase…………………………………………………………..…..……… א
Intangible assets…..………………………………………….……..
Interest………………………………………………………………………KKK
Invest…………………………………………………………………..……
Investments…………………………………………….………………….. א
Invoice………………………………………………………………..…..…
Issue……………………...…………………………………………………
Item …………………………………………...………………………………
Journal………………………………………………………..………………
Journalize………..……………………………………………….……
Know………………………….…………………………………….………
Known…………………………………….……………………………...…
Land……………………………………………………...………………..…
٢٤٥ א
א
א
- ٥٥ -
Legal…………………………………………….…………………………
Less……………………………………………………..………..……EF
Liabilities………………………………………………………..……..……
List……………………..……………………………………………………
Loan…………………………………...……………………………………
Long-term liabilities ……………………………………………… א
Maintenance expense…………………………….…….……..………
Minus……………………………………………………….………………
Month…………………..……………………………………………………
Necessary………………………...………………………………...………
Need……………………………………...……………………………
Net…………………………………………………………..………………
Net income………………………………………………………….…... א
Nominal accounts…………..…………………………………………א
None……………………………………...………………………………
Normal………………………………………………...……………………
Note payable………………………………………………..………… א א
Note receivable……………………………………………………… א א
Obligation……………………………………………..…………………… א א
Obtain…………………………………………………………………
Occur……………………………………………….………………………
Offer…………………………….…………...………………………
Office………………………………………………………..……………
Office supplies…………………………………………………..… א
٢٤٥ א
א
א
- ٥٦ -
On account………………………………………………...…………… א
On credit………………………………………...…………………..………
Operating expenses……………………………...…………………..
Outstanding checks……………………………………….……..……
Owner’s equity……………………………...………………....……… א
Owe…………………………………………………………..………………
Own…………………….……………………………………………………
Patent………………………………..…………………………………… א א
Pay………………………………………………………...…………………
Payee…………………………………………………..……………..…… א
Payments………………………………………………………...……..…
Payroll…………………...………………………………………..………… א
Per …………………………...……………………………….………
Percentage…………………………….……………………….…………
Period…………………………………………………..…………..…………
Petty cash………………………………...……….….……..… א א
Physical………………………………………….………...…………L
Plus……………………………………………………………...…………… א
Point…………………………………………………………………………
Policy………………………………………………………………………
Possible………………………………………..……………………………
Post………………………………………………………….………………
Prepare…………………………………………………………………...……
Preparation…………………………………………………………..……… א
Present…………………………….………………………………….………
- ٥٧ -
Previous…………………………………...……………………………… א
Price……………………………………………..……………………
Principal…………………………………………………..…………………
Problem……………………………………………………………
Process……………………………………………………………...………
Produce………………...……………………………………………………
Production……………………………..……………………………………
Promise……………………………………...…………………………א
Property………………………………………………..……………………
Provide………………………………………………………………………
Purchases………………………………………….………………………
Real accounts……………………………………………………… א א
Receive………………………………………………………...……………
Receipts…...………………………………………………………… א
Record……………...………………………………………………………
Records……………………………………………………………………
Related……………………………………………………………………
Rent…………………………………………………………………………
Repair………………………………………………………………………
Report………………………………………………………………………
Require…………….………………………………………………………
Respectively……………...…………………………………...………… א א
Resources…………………………..……………………………………… א
Result…………………………………………….…………………………
٢٤٥ א
א
א
- ٥٨ -
Retained earnings…………………………………………...…………
Return………………………………………………………...…………
Revenues…………………………………………………………….….… א א
Rights…………………………………………………………...……………
Salary (salaries) ……………..……………………………………………… א
Sales……………………………………..…………………………………
Schedule………………………………………………….…………………
Select……………………………………………………………………..…
Selections…………...…………………………………………………… א א
Sell……………………………………………………………………………
Service………………………………………..……………………………
Show……………………………………………………...…………………
Space………………………………………………………………...……… א
Specific……………………………………………...………………………
Spend / spent…………………………………………………..……… אL
Statement of cash flows………………………………………… א א
Statement of changes in owner’s equity…………….....… א א א
Steps……………………………………………………………………… א
Store…………………………………..……………………………
Subtract……………………………………………….……………………
Such as…………………………………………………………………….…
Suitable……………………………………………………………………
Sum …………………………………………………………………………
Summarize…………………………………………...……………………
٢٤٥ א
א
א
- ٥٩ -
Supplies……………………………………………………………………
System…………….…………………………………………………………
Table…………………………..………………………………………….…
Tangible assets……………………..…………………………………
Term …………………………………………………………………
Total……………………………………………….………………………
Trade mark…………………………………………….………..………
Trade name……………………………………………………………… א
Transaction. ………………………………………………………...…….…
Trial balance…………………………………………….…….……… א א א
True…………………………………………………….……………….…
Types………………………………………………….…………….……… א
Understand………………………………………….………………………
Units…………….………………………………………………………… א
Until………………………………………………….………………………
Use……………………………………..…………….……………………
Usually………………………………………………………………………
Utility expense……………………………………….…….………… א
Value………………………………………………………………...………
Valuation……………………………………………………………………
Wages…………………………………….…………………………………
Wish…………………………………………………...……………………
Withdraw……………………………………………………………………
GOTEVOT appreciates the financial support provided by BAE SYSTEMS
Preparing closing Entries
At the end of the accounting fiscal year, the balances of the nominal accounts are to
be transferred from the trial balance to the profit and loss account through closing entries,
these entries produce a zero balance in each nominal account.
Journalizing and posting closing entries is an essential step in the accounting cycle.
Separate closing entries could be prepared for each nominal account, but the following two
entries satisfy the desired result:
١. Debit each revenue account for its balance and credit profit and loss account for
total revenues.
٢. Debit profit and loss account for total expenses and credit each expense account
for its balance.
Below, is closing entries illustration:
To illustrate the journalizing and posting of closing entries, we will assume that
Al-Rashed, lawyer closes his books monthly. The closing entries at December ٣١ are
shown in the following illustration.
General Journal J٤
Date Account Titles and explanation Ref. Debit Credit
Dec., ٣١ Income fees ٢٠،٠٠٠
Profit and loss account ٢٠،٠٠٠
٣١ Consultation fees ١٥،٠٠٠
Profit and loss account ١٥،٠٠٠
٣١ Profit and loss account ٧،٠٠٠
Office rent ٥،٠٠٠
Posting of closing entries
The posting of the closing entries are shown in the following accounts, all the
nominal accounts have zero balances.
Consultation Income Fees
Office rent Salaries expense
Profit and loss account
Dr Cr
Office rent ٥،٠٠٠ Income fees ٢٠،٠٠٠
Salaries expense ٢،٠٠٠ Consultation fees ١٥،٠٠٠
* Note that profit and loss account is used only in closing. No entries are journalized and
posted to this account during the year.
Preparation of income statement
The income statement is designed the report the results of earning activities
(operations) for a specific time period such as a month, quarter, or year.
Net income for the period is the excess of revenues over expenses for that time.
The heading of the income statement indicates the name of the business, the name of the
statement, and the time period covered by the statement. Below an illustration of
Al-Rashed lawyer income statement for the month of December ٢٠٠٢.
Al-Rashed, Lawyer
Income Statement
For the month of December ٢٠٠٢
Dr. Cr.
Revenues :
Fees revenue ٢٠،٠٠٠
Consultation fees ١٥،٠٠٠
Total revenue ٣٥،٠٠٠
Expenses :
Rent expense ٥،٠٠٠
Salaries expense ٢،٠٠٠
Total expenses ٧،٠٠٠
Net Income ٢٨،٠٠٠
Note that :
١. Revenues are defined as in flows of assets either from the sale of goods or the
performance of services.
٢. Expenses are defined as out flows or other uses of assets to produce revenue, and
٣. Net income is defined as the excess of revenues over expenses, and will be
transferred to the balance sheet as either profit or loss.
Balance Sheet
The balance sheet reports the financial position of a business at a specific point in
time. Consequently, it is often called the “Statement of Financial position”. Financial
position is reflected by the amount of the business’ assets (resources), the amount of its
liabilities (debts owed), and the amount of its owners’ equity (assets minus liabilities).
Below an illustration of Al-Rashed lawyer balance sheet for one month practice period on
December ٣١, ٢٠٠٢.
Al-Rashed, Lawyer
Balance Sheet
December ٣١, ٢٠٠٢
Assets Liabilities
Cash ٦٥،٠٠٠ Accounts payable ١٥،٠٠٠
Supplies ٣،٠٠٠ Owners equity ٥٠،٠٠٠
Equipment ٢٥،٠٠٠
Net profit ٢٨،٠٠٠
The balance sheet heading indicates the name of business, the name of the
statement, and the date of the statement. The assets of the business are listed on the left
side and the liabilities and the owners’ equity are listed on the right side. Note that the
totals on each side of the balance sheet are equal. This equality must exist because the left
side lists the assets of the business and the right side shows the sources of the assets.
Left side Right side
Assets = Liabilities + Owners’ equity
١. Eldon S. Hendriksen, Accounting Theory, (Illinois: Richard D. Irwin, Inc.,
٢. Kieso, D. and Weygandit, J. Financial Accounting (New York: John Wiley,
Third Edition).
٣. Joel Lerner and James A. Cashin, Theory and Problems of Principles of
Above……..…………………………………KKKKKKKKKKKKKKKKKKKKK……………...………
Accept……..……………K…………………KKKKKKKKKKKKKKKKKKKKKKKKKKKK…………………….
Accepted….……………K……………………KKKKKKKKKKKKKKKK……………………….
Accompanied….……………………………KKKKKKKKKKKKKKK……………………….
Accounting cycle…K.KKKKKKKKKKKKKKKKKK………………………...……………………
Accounting equation…KKKK…K………………………….………………א א
Accounting……………KKKKK…K….…………………………………….א א
Accounts payable…KKKKKKKKKKKKKKKKKKKKKK……………………..……………………….. א
Accounts receivable………KKKKKKKKKKKKKKKKKK…………….………………………….
Acquire………………………KKKKKKK.KK……………..…………………….
Add……………………………KKKKKKK.……………..……………………
Additional…KKKKKKKKKKKKKKKKKKK………….…………………………………………….
Adjust………KKKKKKKKKKKKKKKKKKK……………………….………………………………
Adjusted trial balance……KKK……………...………………… א א א א
Adjusting entries………KKKKKKKKKK…………………………………………. א
Advertise…………KKKKKKKKKKKKKKKKKKKK….…………....…………………………………
Advertisement……KKKKKKKKKKKKKKKKK…….………….………………………………
Affect……………KKKKKKKKKKKKKKKKKKK…….………….………………………………..
Agree……KKKKKKKKKKKKKKKK……………….………….……………………………… א
Agreement…KKKKKKKKKKKKKKKKKKK………….……………..…………………………….
Amount…………………………………………………………..……
Annually……………………………………………………………...…….
Appear………………………………………………………………..…….
Apply………………………………….…………………………….………
Application………………………………………………………..…..…….
Arrangements……………………………………………….…...…….... א א א
Assets………………………………………………………………………
Auditing……………………………………………………………….…... א א
Available…………………………………………………….…...……...……
Bad debt…………………………………………..……………………
Balance…………………………………………………………………..…
Balance sheet……………………………………………………….……… א א
Bank reconciliation…………………………………………….… א
Bank statement……………………………………..………….… א
Based on……………………………………………………………..…
Beginning………………………………………………………...………… א
Below……………………………………………………………………...…
Bill………………………………………………………….………………
Blanks………………………………………………..…………………… א
Book value………………………………………………..………… א א
Budget………………………………………………….………….……… א
Building…………………………………………………………..…………
Business………………………………………………….…………
Buy…………………………………………………………………...……
Buyer……………………………………………………………...………
Calculate……………………………………………………..……………
Capital……………………………………………………….………… א
Capital expenditure……………………………………….……
Cash…………………………………………………………………………
Cash basis…………………………………………..………………… א א
Cheqe…………………………………………………………………..……
Circle…………………………………………………………...………… א
Classify…………………………………………………………....…
Closing entries…………………………………………………...…… א
Collect……………………………………………………………...………
Collections………………………………………………………...………
Combination……………………………………………………………..…
Commissions………………………………………………………..……
Complete…………………………………………………………….…
Compute……………………………………………………………...…… א
Concept……………………………………………………………………
Consist……………………………………………………………..………
Continue………………………………………………………..….………
Copyrights……………………………………………………………… א
Correct……………………………………………………..…………….…
Corrected balance………………………………………........……… א א
Cost…………………………………………………………………...…… א
Count………………………………………………………………………
Credit………………………………………………………………..……… א
Creditor……………………………………………………………...……… א
Currency……………………………………………………………………
- ٥٢ -
Current…………………………………………………………………… א
Current assets…………………………………….……..………… א א א
Current liabilities…………………………………..………….…… א א א
Customer……………...……………………………………………………
Cycle…………………………………...……………………………………
Date…………………………………………………..…………………… א
Data ………………………………………………………………..………
Debit…………………...……………………………………………………
Decide………………………………….……………………………………
Decision………………………………………………...…………………… א
Decrease…………………………………………………..………
Deduct……………………………………….……………………
Delivery……………………………………………………………………
Deposit…………………………………...……………………………
Determine…………………………………………………………………
Difference…………………………………………………..………………
Double entry system……………………………………….……… א א
Each……………………………………………...…………………………
Earn…………………………………………………..……………………
Economic entity……………………....………………..……… א א
Effect…………………………………………………...……………………
Elements……………..……………………………………………………
Employ…………………………….………………………….……………
Employee…………………………..………………………….…
٢٤٥ א
א
א
- ٥٣ -
Enclosed……………………………………………………….……………
Enough……………………………………………………………………
Enterprise……………………………………...…………………………
Entry………………………………………………………….………………
Equal……………..…………………………………………………………
Equation……………………...……………………………………………
Equipment………………………………………………………………… א
Equivalent………………………………………….………………………
Error…………………………………………………………………………
Essential………….………………………………………………………
Estimate……………………..………………………………………………
Estimation……………………………..……………………………………
Event………………………………………………...………………………
Exceed………………………………………………………..……………
Expansion……………………………………………..……………………
Expect………………………………………………………………………
Expense…………..…………………………………………………..……
Expenditure………………..……………………………………..………
Factors……………………………………..……………………………… א
Fees……………………………………………………….…………………
Fill…………………………………………………….………………………
Finance…………………………………………..…………………………
Financial statements………………………………..…….…………… א א א
Fiscal…………………………………………………………………...……
٢٤٥ א
א
א
- ٥٤ -
Fiscal year………………………………………………………………
Fixed assets…………………………………………………..…………
Future………………………………………………………………..…… א
Furniture………………………………………………………….…………
General………………….……………………………………………………
General journal…………….………………………………..……… א א
General ledger…………………...………………………………… א א
Goodwill……………………………………..………………...…………… א
Important…………………………………………………….………………I
ncome statement………………………………..……………….……… א
Include…………………………………………………….……..…………
Increase…………………………………………………………..…..……… א
Intangible assets…..………………………………………….……..
Interest………………………………………………………………………KKK
Invest…………………………………………………………………..……
Investments…………………………………………….………………….. א
Invoice………………………………………………………………..…..…
Issue……………………...…………………………………………………
Item …………………………………………...………………………………
Journal………………………………………………………..………………
Journalize………..……………………………………………….……
Know………………………….…………………………………….………
Known…………………………………….……………………………...…
Land……………………………………………………...………………..…
٢٤٥ א
א
א
- ٥٥ -
Legal…………………………………………….…………………………
Less……………………………………………………..………..……EF
Liabilities………………………………………………………..……..……
List……………………..……………………………………………………
Loan…………………………………...……………………………………
Long-term liabilities ……………………………………………… א
Maintenance expense…………………………….…….……..………
Minus……………………………………………………….………………
Month…………………..……………………………………………………
Necessary………………………...………………………………...………
Need……………………………………...……………………………
Net…………………………………………………………..………………
Net income………………………………………………………….…... א
Nominal accounts…………..…………………………………………א
None……………………………………...………………………………
Normal………………………………………………...……………………
Note payable………………………………………………..………… א א
Note receivable……………………………………………………… א א
Obligation……………………………………………..…………………… א א
Obtain…………………………………………………………………
Occur……………………………………………….………………………
Offer…………………………….…………...………………………
Office………………………………………………………..……………
Office supplies…………………………………………………..… א
٢٤٥ א
א
א
- ٥٦ -
On account………………………………………………...…………… א
On credit………………………………………...…………………..………
Operating expenses……………………………...…………………..
Outstanding checks……………………………………….……..……
Owner’s equity……………………………...………………....……… א
Owe…………………………………………………………..………………
Own…………………….……………………………………………………
Patent………………………………..…………………………………… א א
Pay………………………………………………………...…………………
Payee…………………………………………………..……………..…… א
Payments………………………………………………………...……..…
Payroll…………………...………………………………………..………… א
Per …………………………...……………………………….………
Percentage…………………………….……………………….…………
Period…………………………………………………..…………..…………
Petty cash………………………………...……….….……..… א א
Physical………………………………………….………...…………L
Plus……………………………………………………………...…………… א
Point…………………………………………………………………………
Policy………………………………………………………………………
Possible………………………………………..……………………………
Post………………………………………………………….………………
Prepare…………………………………………………………………...……
Preparation…………………………………………………………..……… א
Present…………………………….………………………………….………
- ٥٧ -
Previous…………………………………...……………………………… א
Price……………………………………………..……………………
Principal…………………………………………………..…………………
Problem……………………………………………………………
Process……………………………………………………………...………
Produce………………...……………………………………………………
Production……………………………..……………………………………
Promise……………………………………...…………………………א
Property………………………………………………..……………………
Provide………………………………………………………………………
Purchases………………………………………….………………………
Real accounts……………………………………………………… א א
Receive………………………………………………………...……………
Receipts…...………………………………………………………… א
Record……………...………………………………………………………
Records……………………………………………………………………
Related……………………………………………………………………
Rent…………………………………………………………………………
Repair………………………………………………………………………
Report………………………………………………………………………
Require…………….………………………………………………………
Respectively……………...…………………………………...………… א א
Resources…………………………..……………………………………… א
Result…………………………………………….…………………………
٢٤٥ א
א
א
- ٥٨ -
Retained earnings…………………………………………...…………
Return………………………………………………………...…………
Revenues…………………………………………………………….….… א א
Rights…………………………………………………………...……………
Salary (salaries) ……………..……………………………………………… א
Sales……………………………………..…………………………………
Schedule………………………………………………….…………………
Select……………………………………………………………………..…
Selections…………...…………………………………………………… א א
Sell……………………………………………………………………………
Service………………………………………..……………………………
Show……………………………………………………...…………………
Space………………………………………………………………...……… א
Specific……………………………………………...………………………
Spend / spent…………………………………………………..……… אL
Statement of cash flows………………………………………… א א
Statement of changes in owner’s equity…………….....… א א א
Steps……………………………………………………………………… א
Store…………………………………..……………………………
Subtract……………………………………………….……………………
Such as…………………………………………………………………….…
Suitable……………………………………………………………………
Sum …………………………………………………………………………
Summarize…………………………………………...……………………
٢٤٥ א
א
א
- ٥٩ -
Supplies……………………………………………………………………
System…………….…………………………………………………………
Table…………………………..………………………………………….…
Tangible assets……………………..…………………………………
Term …………………………………………………………………
Total……………………………………………….………………………
Trade mark…………………………………………….………..………
Trade name……………………………………………………………… א
Transaction. ………………………………………………………...…….…
Trial balance…………………………………………….…….……… א א א
True…………………………………………………….……………….…
Types………………………………………………….…………….……… א
Understand………………………………………….………………………
Units…………….………………………………………………………… א
Until………………………………………………….………………………
Use……………………………………..…………….……………………
Usually………………………………………………………………………
Utility expense……………………………………….…….………… א
Value………………………………………………………………...………
Valuation……………………………………………………………………
Wages…………………………………….…………………………………
Wish…………………………………………………...……………………
Withdraw……………………………………………………………………
GOTEVOT appreciates the financial support provided by BAE SYSTEMS
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