Financial Statements and the closing process discussion

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Financial Statements and the Closing Process Discussion

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Part 1

Your first quarter has come to a close and you know it’s important to monitor your restaurant’s performance. Share with your classmates what information the balance sheet and income statement will provide you, and how you can use that information to make decisions and better manage your restaurant.

Part 2

As the first quarter at your restaurant draws to a close, you must prepare your accounting records for a new period and a fresh start. Share with your classmates which accounts are permanent, which accounts are temporary, and why the closing entries must be completed in order for a new period to begin.

Be sure to address both Part 1 and Part 2 in your initial post. In your responses to your instructor and peers, elaborate on the topics, share additional experiences, ideas, or research, and ask additional questions to keep the conversation moving.

Please make your posts by the due date assigned. Refer to the discussion rubric for grading details.

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