![]() Income statement is prepared in accordance with generally accepted accounting principles/Philippine Financial Reporting Standards.Worksheet is prepared using the prescribed format.This unit covers the knowledge, skills, and attitudes in preparing financial reports manually. UNIT OF COMPETENCY: PREPARE FINANCIAL REPORTS Trial Balances are extracted with 100% accuracy.Debits and credits are totaled with 100% accuracy.Income and expense balances are transferred in accordance with Chart of Accounts.Asset, liability, and equity balances are transferred in accordance with Chart of Accounts.Income and expense account titles are listed in accordance with Chart of Accounts.Asset, liability, and equity account titles are listed in accordance with Chart of Account.This unit covers the knowledge, skills, and attitudes in listing accounts, transferring and summarizing trial balances from a ledger. UNIT OF COMPETENCY: PREPARE TRIAL BALANCE Balances are extracted with 100% accuracy.Debits & Credits for each ledger account are added correctly.Journal entries are transferred in chronological order.Ledger for the list of income and expense account titles are prepared in accordance with the Chart of Accounts.Ledger for the list of asset, liability, and equity account titles are prepared in accordance with the Chart of Accounts. ![]() This unit covers the knowledge, skills, and attitudes in posting transactions manually. Journal entries are prepared with 100% accuracy. ![]()
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