Closing Cost
The period is mostly spent using financial statements. Usually, the fiscal period is either the calendar year or a quarter. The fiscal period is calculating the whole annual amount of money earned or loss over the period of time. In attention to a fiscal period there will need to be a worksheet completed, adjusting entries calculated and put in the right journals, then to top[ it all off adding closing entries to close all accounts at the end of the year. Al of these accounts are just getting the right amount that they earned or have to pay eventually then putting them into a journal for closing entries to close all accounts to make profit or just even out.
Financial Statements are also part of closing cost. Every journal plays its own role. Some examples that in the financial statements are:
Balance sheet: A statement of the assets, liabilities, and capital of a business or other organization at the end of the fiscal period.
Income statement: A financial statement that gives operating results for a specific period.
Statement of owners equity: Financial statement showing the beginning balance, additions to and deductions from, and the ending balance of the shareholders' equity account, for a specified period. Also called statement of shareholders equity.
The only people that would read the financial statements would be the CEO's, stockholders, bankers if they want to make a loan, anyone that may have importance in the company. The financial statements are for showing the total ending amount of money in a company or business over the year.
Financial Statements are also part of closing cost. Every journal plays its own role. Some examples that in the financial statements are:
Balance sheet: A statement of the assets, liabilities, and capital of a business or other organization at the end of the fiscal period.
Income statement: A financial statement that gives operating results for a specific period.
Statement of owners equity: Financial statement showing the beginning balance, additions to and deductions from, and the ending balance of the shareholders' equity account, for a specified period. Also called statement of shareholders equity.
The only people that would read the financial statements would be the CEO's, stockholders, bankers if they want to make a loan, anyone that may have importance in the company. The financial statements are for showing the total ending amount of money in a company or business over the year.