ACC 3061 Unit 3 Assignment 2 Completing the Accounting Cycle

Capella University

1. What are the consequences of not making all of the required adjustments at the end of the accounting period? (Petroff, 1991)

2. Extended Account balances

3. Four basic steps in the closing process performed at the end of each accounting period:

4. Describe how a classified balance sheet is different from a basic unclassified balance sheet.

5. Describe how the current ratio is used to analyze financial results: