Financial Accounting – Closing Process
Conquering the Closing Process: A Thorough Exploration of the Final Step in Accounting
4.39 (1027 reviews)
50,717
students
8 hours
content
Apr 2022
last update
$109.99
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.
Description
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!
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
Screenshots
Reviews
Ankit
April 6, 2023
half of the slides covered but they are explaining the same thing again again. i just wasted my money on this.
Anas
April 2, 2023
This course is worth the money paid. The course is comprehensive, engaging, and laden with examples and worksheets. The one thing I like the most about this course is that I get to practice it through assignments because Accounting is something that you get to learn through practice. The content of the course is easy to understand as the instructor has used simple and easy ways to teach accounting through visuals and step by step guide.
Casey
November 30, 2022
This course was a very thorough overview of the accounting closing process. It starts with a basic understanding of the accounting cycle and then gives detailed examples of how to mechanically close the process.
Ibrahim
September 23, 2022
Great topic, and I would love to find a good course explaining this topic.
I gave it the course 1 star, and will ask for refund for the following reasons:
1- I got dizzy watching the videos, it is hypnotizing with the flashing back lights and the quality of sound. it is like staying in a zero star hotel and turning the TV on their promoting internal channel.
2- the presenter did not make a full sentence that make sense, jumping from topic to topic, switching screens, without delivering a complete info.
3- bad audio quality.
Kristen
August 3, 2022
I really like how the lecture gives great comparisons to make sense as to why we do certain things in accounting, like closing temporary accounts compared to clearing a score board before you start a new game. I also like how the examples are very detailed and step by step even when it gets repetitive because it reiterates the process and really sinks into the memory.
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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1571788
udemy ID
2/26/2018
course created date
4/1/2020
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Lee Jia Cheng
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