Financial Accounting – Closing Process

Conquering the Closing Process: A Thorough Exploration of the Final Step in Accounting

4.34 (1226 reviews)
Accounting & Bookkeeping
Financial Accounting – Closing Process
8 hours
Apr 2022
last update
regular price

What you will learn

Comprehend the accounting cycle's structure and pinpoint the role and timing of the closing process within it.

Articulate the primary objectives of the closing process in financial accounting and why it is critical for accurate financial reporting.

Analyze how the closing process impacts asset, liability, and equity components of the balance sheet, and interpret the implications for the company's financial

Examine the effect of the closing process on the elements of the income statement, particularly revenues, expenses, and net income.

Define temporary and permanent accounts, distinguish between them, and illustrate their roles in the accounting cycle.

Categorize a variety of accounts as temporary or permanent, providing rationale based on accounting principles.

Explain how the closing process transforms temporary accounts and leaves permanent accounts unaffected, and discuss the significance of these changes.

Prepare a post-closing trial balance, identify its components, and articulate its purpose in validating the closing process.

Compare a post-closing trial balance with an adjusted trial balance, highlighting the key differences and how they emerge.

Perform the closing process in one comprehensive step, documenting each action, and evaluate the advantages and limitations of this method.

Break down the two-step closing process into its constituent actions, apply these in practical examples, and justify the use of this method over others.

Demonstrate mastery in the four-step closing process by outlining, performing, and explaining each step's role.

Why take this course?

Immerse yourself in the exciting world of accounting with our in-depth course focusing on the financial accounting closing process. Delve deep into the intricacies of this critical step in the accounting cycle, which serves as the grand finale before embarking on the next accounting period. Understand the concept of temporary and permanent accounts, which underpin the closing process and influence the structure and interpretation of financial statements.

Throughout this course, you will learn from an experienced Certified Public Accountant (CPA), Chartered Global Management Accountant (CGMA), Certified Post-Secondary Instructor (CPS), and a Master of Science in Taxation. With practical knowledge of accounting principles and software such as QuickBooks, combined with extensive teaching and curriculum development experience, our instructor will guide you through the complex landscape of the closing process in accounting.

To facilitate your learning and make this experience interactive and enriching, this course offers a wealth of downloadable resources, including PDF files for offline reference, pre-formatted Excel practice files, multiple choice and short calculation practice questions, and discussion questions.

Our unique teaching approach will see us approaching the closing process from three perspectives, each with its own advantages and challenges. This multidimensional view coupled with repetition will fortify your understanding and proficiency in this subject matter.

Whether you're an aspiring accountant, a business professional, an entrepreneur, a student studying business or finance, or a lifelong learner with an interest in accounting, this course will provide you with the tools to understand and navigate the closing process effectively.

By the end of this course, you will understand where the closing process fits into the accounting cycle, define temporary and permanent accounts, describe the impact of the closing process on these accounts and the financial statements, and list the steps of one-step, two-step, and four-step closing processes.

Join us on this transformative journey through the financial accounting closing process. Your adventure into the intricate realm of accounting awaits. Enroll today!


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Our review

--- **Course Review Summary** The course in question offers a comprehensive overview of the financial accounting closing process, with a significant emphasis on practical examples and detailed walkthroughs. The majority of recent reviews rate the course highly, commending its lucidity, thoroughness, and the inclusion of downloadable resources for completing quizzes and understanding complex topics. **Pros:** - **Comprehensive Coverage:** The course provides a thorough overview of the accounting cycle, including a detailed explanation of the closing process. - **Educational Approach:** It employs visual examples and step-by-step guidance, making it easier for learners to grasp difficult concepts. - **Practical Application:** The inclusion of exercises and worksheets allows students to apply what they've learned, which is crucial in accounting. - **Downloadable Materials:** The availability of snapshots and resources to complement the learning experience is appreciated by many users. - **Repetition for Reinforcement:** Some users found the redundancy helpful for reinforcing key takeaways, aiding memorization and understanding. - **Easy-to-Understand Teaching Style:** The instructor's approach to explaining complex topics in simple terms is highly valued. **Cons:** - **Repetition:** While repetition is beneficial for some learners, others found it monotonous and potentially unnecessary, indicating that some content could be condensed. - **Presentation Style:** A few users pointed out that the presenter's style, characterized as monotone, made it challenging to stay engaged. - **Video Quality Issues:** Some reviewers reported issues with the video quality, including flashing backlights and poor audio that could be distracting and detrimental to the learning experience. - **Lack of Real-World Application:** A notable complaint is that the course lacks in-depth discussion on real-world scenarios and corporate examples, which some learners expected based on the course description. - **Expectation Mismatch:** Some users felt that the course was more academic than they anticipated, and others found it hypnotic and confusing due to the presentation style and content delivery. - **Pricing Concerns:** A few reviewers expressed dissatisfaction with the course after feeling that they did not receive value for their money, citing unnecessary repetition and a lack of substantial content. **Additional Notes:** - **Variety in Feedback:** The reviews reflect a wide range of experiences and expectations, from those who found the course "awesome" and worth the investment to those who requested a refund due to dissatisfaction with the course's quality. - **Audience Consideration:** It appears that the course might be better suited for beginners or those looking to refresh their knowledge on the closing process, as some advanced users expected more complex real-world examples. In conclusion, while the course is generally well-received for its educational content and practical application, there are significant concerns regarding the presentation style and video quality that may impact the learning experience for some users. The course could benefit from incorporating more real-world scenarios and improving the technical aspects of the delivery to meet a wider range of learner needs and expectations.



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