Accounting Help(Grade11), I have few questions ,, i am behind,?

Question

Few question in grade 11 accounting,, i couldn't find answer for these, help,, i have test tommorrow, i got the other questions done,,

-describe the differences between six- and eight-column worksheets,

-Give an example of the term book value and explan it.
-Why are adjusting entries necessary?
-Which accounts are closed?
-What purpose is served by closing the books?
-How is the balance sheet divided when preparing it?
-What is the purpose of the statement of oe?

-list the steps associated with the completion of an eight-column worksheet

please write the answers u know, because i really have to study for the test and i don't know the answer for it because i am behind in school, and i don't have good mark, and i am reviewing hard please help me,,

it will be very helpful if u at least right the answers u know for some questions

Answer 1

Many accountants use a work sheet to prepare the unadjusted trial balance, to assign the adjusting entries to the correct accounts, to create the adjusted trial balance, and then to prepare preliminary financial statements. A work sheet is an optional step in the accounting cycle. It is an informal document that is not considered a financial statement, although it gives management some information about results for a period. A worksheet can have as few or as many columns as you wish. A six-column one would probably end with an adjusted trial balance while an eight-column one would probably contain the financial statements.
(See link below for worksheets)

The term book value usually refers to an asset. Property, plant and equipment at book value would mean PPE at cost less accumulated depreciation. Book value of investments would mean investments at cost less accumulated impairment losses.

A balance sheet is divided into Assets, Liabilities and Owners' Equity. Assets and Liabilities are in turn divided into Current and Non-current.

The statement of Owners' Equity shows what the shareholders' investment is worth. Put another way, it shows the shareholders whether the money they put into the company has grown or shrunk.

I'll answer your other questions in another place.