Just like a student , an owner (or manager) of a business also needs to assess how well the business is doing and needs to keep a check on what has happened to the money invested in the business.

In order for the owner (or manager) to assess the performance and the stability of a business, two reports are drawn up at the end of a financial year. These two reports are called the Income Statement and the Balance Sheet.

Our Grade 10 Accounting students have been assessing businesses using these tools. They started by using a pre-adjustment trial balance and can now draw up their final statements from a post-adjustment trial balance!

The pictures below show them hard at work, practising their newly acquired skills.

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