Financial Accounting – Closing Process

Closing processes including three formats of the closing process helping us better understand accounting concepts

4.41 (575 reviews)
Udemy
platform
English
language
Accounting & Bookkeeping
category
36,190
students
8 hours
content
Apr 2022
last update
$124.99
regular price

What you will learn

Describe the closing process and its importance

Perform closing process using one journal entry

Perform closing process using two journal entries

Perform closing process using three journal entries

Describe the post closing trial balance

Define temporary accounts and permanent accounts

Understand fundamentals of Excel

Description

The financial accounting closing process is the final step in the accounting cycle. We will learn why the closing process in needed and be able to perform the closing process multiple ways.

In addition to instructional video, this course will include downloadable

•    Downloadable PDF Files

•    Excel Practice Files

•    Multiple Choice Practice Questions

•    Short Calculation Practice Questions

•    Discussion Questions

The PDF files allow us to download reference information we can use offline and as a guide to help us work through the material.

Excel practice files will be preformatted so that we can focus on the adjusting process and learning some of the basics of Excel, like addition, subtraction, and cell relationships.

Multiple choice example question helps us improve our test-taking skills by reducing the information into the size and format of multiple choice questions and discussing how to approach these questions.

Short calculation questions help us reduce problems that have some calculation down to a short format that could be used in multiple choice questions.

Discussion Question will provide an opportunity to discuss these topics with the instructor and other students, a process many students find very helpful because it allows us to see the topic from different viewpoints.

Who will we be learning from?

You will be learning from somebody who has technical experience in accounting concepts and in accounting software like QuickBooks, as well as experience teaching and putting together curriculum.

You will be learning from somebody who is a:

•    CPA – Certified Public Accountant

•    CGMA – Chartered Global Management Accountant

•    Master of Science in Taxation

•    CPS – Certifies Post-Secondary Instructor

•    Curriculum Development Export

As a practicing CPA the instructor has worked with many technical accounting issues and helped work through them and discuss them with clients of all levels.

As a CPS and professor, the instructor has taught many accounting classes and worked with many students in the fields of accounting, business, and business applications.

The instructor also has a lot of experience designing courses and learning how students learn best and how to help students achieve their objectives. Experience designing technical courses has also benefit in being able to design a course in a logical fashion and deal with problems related to technical topics and the use of software like QuickBooks Pro.

The topic will be the financial accounting closing process.

As indicated by the title, the closing process takes place at the end of the accounting cycle. The main event of the accounting cycle is the financial statements. Once we have completed the financial statements we need to get ready for the next accounting period, get ready with the closing process.

The closing process will zero out temporary accounts including income statement accounts of revenue and expenses and the draws or dividends account.

We can perform the closing process multiple ways. We will consider the closing process from three perspectives. Each perspective has pros and cons and the repetition of each method as well as performing the closing process from multiple angles will provide a solid understanding of the concepts.

Understanding the closing process helps understand the concept of temporary accounts and permanent accounts, which helps us understand the relationship of the financial statements and how to read them.

Please join us for Financial Accounting, Adjusting Entries & Financial Statements.

It will be great.

CPE Continuing Professional Education

Learning Objectives

1. List the components of the accounting cycle and identify where the closing process fits into it.

2. Explain the objectives of the closing process.

3. Describe the impact of the closing process on the balance sheet.

4. Discuss the impact of the closing process on the income statement.

5. Define temporary and permanent accounts.

6. List temporary and permanent accounts.

7. Explain how the closing process impacts temporary and permanent accounts.

8. Define a post-closing trial balance.

9. List the differences between a post-closing trial balance and an adjusted trial balance.

10. Explain how the closing process can be done in one step.

11. List the steps of a two-step closing process and explain how each step is done.

12. List the steps of a four-step closing process and explain how each step is done.

For additional information, including refunds and complaints, please see Udemy Terms of Use, which is linked from the footer of this page.

For more information regarding administrative policies, please contact our support using the Help and Support link at the bottom of this page.

Screenshots

Financial Accounting – Closing Process - Screenshot_01Financial Accounting – Closing Process - Screenshot_02Financial Accounting – Closing Process - Screenshot_03Financial Accounting – Closing Process - Screenshot_04

Content

Introduction

Introduction

Review Accounting Cycle and Building Blocks

Review Accounting Cycle & Building Blocks
5 300 Accounting Cycle Steps in the Accounting Process (1)
10 100.90 Accounting Building Blocks

Closing Process Overview

Closing Process Overview
PDF 20 400 Closing Process Explained
20 400 Closing Process Explained
Notes - What the Closing Process Is
PDF 23 Post Closing Trial Balance
23 Post Closing Trial Balance
Notes - Goals of the Closing Process
Accounting Comic Break

Closing Process – One Step

Closing Process – One Step
PDF 25 One Step Closing Process
25 One Step Closing Process
Notes - One Step Closing Process
Excel Download
Worksheet - Single Step Closing Process

Closing Process – Two Steps

Closing Process – Two Steps
PDF 28 Two Step Closing Process
28 Two Step Closing Process
Notes - Two Step Closing Process
Excel Download
Worksheet - Two Step Closing Process
Multiple Choice Questions 1 - 10 Multiple Choice Questions Closing Process

Closing Process – Four Steps

Closing Process – Four Steps
PDF 30 400 Closing Process Step 1 of 4 - Journal Entry 1 of 4
30 400 Closing Process Step 1 of 4 - Journal Entry 1 of 4
PDF 40 400 Closing Step 2 of 4 - Journal Entry 2 of 4
40 400 Closing Step 2 of 4 - Journal Entry 2 of 4
PDF 50 400 Closing Entries Journal Entry 3 of 4 Step 3 Income summary
50 400 Closing Entries Journal Entry 3 of 4 Step 3 Income summary
PDF 60 400 Closing Process Step 4 of 4 Closing Journal Entry Draws or Withdraws
60 400 Closing Process Step 4 of 4 Closing Journal Entry Draws or Withdraws
Notes - Four Step Closing Process
Excel Download
Worksheet - Four Step Closing Process
Multiple Choice Question 2 - 20 Multiple Choice Closing Process
Short Calculation Questions 1 - 400.10 Test questions part 1 Closing entries

Post-Closing Trial Balance

Post-Closing Trial Balance
PDF 70 Post Closing Trial Balance & financial statements
70 Post Closing Trial Balance & financial statements
Notes - Post-Closing Trial Balance
Multiple Choice Questions 3 - 30 Multiple Choice Questions Closing Process
Short Calculation Questions 2 - 400.30 Test question practice problems 400 part

Comprehensive Problem

Comprehensive Problem
Excel Download - Example Worksheet
Excel Download - Practice Worksheet
1 Accounting%2C Financial - Comp Prob Service Co 1 Part 1
2 Accounting%2C Financial - Comp Prob Service Co 1 Part 2
3 Accounting%2C Financial - Comp Prob Service Co 1 Part 3
4 Accounting%2C Financial - Comp Prob Service Co 1 Part 4
5 Accounting%2C Financial - Comp Prob Service Co 1 Adjusting Entries part 5
6 Comp Prob Service Co 1 Adjusting Entries part 6
7 Accounting%2C Financial - Comp Prob Service Co 1 Financial Statements part 7
8 Accounting%2C Financial - Comp Prob Service Co 1 Financial Statements part 8
9 Accounting%2C Financial - Comp Prob Service Co 1 Closing Process Part 9
10 Comp Prob Service Co 1 Closing Process part 10
Multiple Choice Questions 4 - 40 Multiple Choice Questions Closing Process

Reviews

Monica
July 4, 2022
Somehow, he makes this interesting. I have had many professors who just simply can't expain the simple details of the closing process. Having a visual of what is being done as it is being done is beyond helpful. Seeing actual examples helps connect facts to a process. Thank you!
Stephanie
November 23, 2021
I didn't expect this course to be so academic. I expected it to be more of a real-life course on how the books are closed in practice.
Kyle
October 11, 2020
I appreciate the repetition to drive home key takeaways and easy-to-understand walkthroughs of complex topics. Thank you!
Nicole
July 22, 2020
While I'm sure he's quite knowledgeable, Bob reminds me of Ben Stein's, "Buller... Buller...". He's too monotone. Also, he repeats himself WAY too much making it hard to stay awake.
Monika
June 26, 2020
I studied before journal entries and income, equity, and balance sheet, so I think this information is good to increase my knowledge.
Howard
May 16, 2020
The financial accounting course was very interesting, as I learned the importance of not only recording transactions, but largely the accounting cycle.
John
March 10, 2020
In fact I never new it could be so convenient like this, At first I didn't know much about closing process and sometimes find it difficult to prepare income summary account. But now much better. Thanks
Kuheli
February 3, 2020
The course content is lucrative. It has a overview on financial accounting, as well as collaborative study with examples and case studies. The downloadable snapshots are pretty handy and informative to complete the QnA
Nick
January 8, 2020
Good overview of closing process. The final exercise is very encompassing and good practice. Lots of redundancy in exercises however. Could definitely consolidate some parts and expand others although relative to the broader context of other courses he offers not sure how my statement lands. I am a CFA so have a background in financial services/accounting, just looking for brushup on closing since I havent worked accounting in awhile and joining a new finance systems team. It's good, would love for field examples and variations and what the problems and challenges companies at a corporate level encounter but as i mentioned may not have been intent of course.
Muhammad
February 24, 2019
Awesome to the point course although a bit repetitive but totally worth it. Course teaches exactly what the title says plus bonus at the end of complete accounting process or cycle. :).

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working
1571788
udemy ID
2/26/2018
course created date
4/1/2020
course indexed date
Lee Jia Cheng
course submited by