Financial Accounting
This stage of the Financial Accounting journey will complete the steps in the Accounting by looking at the issues of ADJUSTMENT and preparation of the FINAL ACCOUNTS.
That is, attention will be given to some specific accounts that are of importance to the preparation of Financial Statements.
The issue of DEPRECIATION and the account necessary to record it is treated; as well as the Control Account and Bank Reconciliation prepared.
Correcting errors is a necessary part of the adjustment as Accounting is a human activity and so the need to adjust the calculated Net Profit might be of a necessity as well.