Explain the purpose of a post-closing trial balance

Assignment Help HR Management
Reference no: EM133010910

-Explain the differences between permanent and temporary accounts and identify which types of accounts must be closed at the end of a company's fiscal year. For your type of business, identify at least three permanent and at least three temporary accounts your business would have and explain why each account is categorized as such. For the permanent accounts, be sure to classify each as if the accounts where presented in a classified balance sheet.

-Once closing entries have been entered in the general journal and posted to the ledger, what is the effect on the owner's capital (or retained earnings) account?

-Explain the purpose of a post-closing trial balance and answer this question: Is the post-closing trial balance mandatory as a step in the accounting cycle

-Assuming a company's first year-end, would financial statements be affected if the closing process were not completed? Explain.

Reference no: EM133010910

Questions Cloud

Hr-responsibilities and practices of line managers : What are the HR-responsibilities and practices of line managers What competencies do line managers need to implement HRM functions
Setting up a career planning program : Career planning has always been a low-priority item for Fisher Cleaning Centers, as Jack likes to say just getting workers to come to work and then keeping them
Success of different pick n pay stores : What are the key factors in the micro environment that impact on the success of different pick n pay stores? Here you could refer to one or more specific stores
Annotated bibliography summarizing the central theme : Briefly examine and review the resources and select 10 that represent a variety of perspectives on the topic - evaluate the authority or background
Explain the purpose of a post-closing trial balance : -Explain the differences between permanent and temporary accounts and identify which types of accounts must be closed at the end of a company's fiscal year. For
Define public health : Define public health and explain who is in charge of it. Then explain the role of public health, its core functions, and the future of public health.
Discuss the contributions of eli whitney : Discuss the contributions of Eli Whitney to operations management? (the concept of interchangeable parts)
What is the role of hr in your current organization : What is the role of HR in your current organization? What could it be? What should it be? Why does HR assume the role that it does? Use the key elements noted i
Enhance the selection process : Identify and describe ways technology can be used to enhance the selection process. What are the possible problems that can occur because of the use of technolo

Reviews

Write a Review

HR Management Questions & Answers

  Improve problem solving capabilities within organization

Types of teams as to their effectiveness that will improve problem solving capabilities within organizations.

  Influence tactics help in reducing organizations politics

Explain the different types of influence tactics that will be of a help “if adopted” in reducing the organizational politics.

  Report on citigroup''s hr service level agreement

Human Resources or Human Resource Management deals with HR Service Level Agreement. HR Service Level Agreement is an agreement made between the employer and the employee, which states that the employee would work under any client and sometimes any ti..

  A project report on hrm

Human Resource Management as the name suggests, it is a management discipline which deals with the human i.e. the workforce aspect of organizations. Need and practices of HRM are inevitable in present scenario of extreme competition where "Talent War..

  Hrp: recruitment and selection

Recruitment and Selection is the initial ladder of any Human Resource Planning process and contains an immense significance for any organisation.

  A project report on study of statutory complainces

Statutory compliance and its immense knowledge are crucial to be understood in an organization. It contains all the forms, procedures and acts applicable in a company.

  Operant conditioning and Reinforcement

Operant conditioning is a learning process where behaviour is controlled by its consequences. In this process an individual's behaviour can be modified through the use of positive or negative reinforcement.

  Effectiveness of training programs in achieving customers an

The main motive for conducting this research is to provide broad range of research of the literature and their reviews related to training and development and assisting the employees in providing customers satisfaction.

  A critical analysis of hr processes and practices in fedex c

FedEx is illustrious for its novel HR processes and practices that have greatly accounted for its success.

  Integrating culture and diversity in decision making

People in the organization are known as Google where they share common goals and have common vision.

  Impact of employee attrition on people management in organis

Talent management implies recognizing a person's inherent skills, traits, personality and offering him a matching job.

  Labour dissonance at maruti suzuki india limited: a case stu

This Case Study focuses on various issues related to Labour Unrest at Maruti Suzuki India Limited.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd