Hello, Guest   |   Login here

7th TT: End of Period Retained Earnings & Equity Acc., Jan Y1 (O9 C)

Accounting is carried out by periods. It means that after all activities have been completed for a given period a new cycle starts again and new accounting events are recorded for the new period. This process continues as long as the company trades.

Balance sheet items, namely, current assets, fixed assets, current liabilities, long term liabilities and equity roll on from each period to the next. The end of period balances of all accounts are the beginning balances of the next period. Accountants call the process as ending balances being 

Subscribe today and learn the fundamentals

It seems you don't have access to the exclusive content of The Course.

In order to gain access to the content of The Course you will have to register with EntreprenAble. Membership with EntreprenAble will also give you access to our interactive Business Game and Accounting Simulations.

Subscribe today and get:

  • Unlimited website access to The Course
  • Optimized view for Desktop, Tablet and Mobile devices
  • Free 7-day, no obligation trial - normally £15
Start free trial
Test-drive the system for free
Page 1 of 2 1 2