MUV102

End Of The Term Accounting Procedures

In order to transition from the general provisional trial balance created at the end of the period to the final trial balance, thanks to the in-period accounting records, an inventory is created, the remaining items are evaluated and the final trial balance is prepared. By creating the final balance sheet, the profit or loss situation, assets and resources of the business are determined. As a result, the balance sheet and income statement are prepared.