Closing the books is one of the key functions of the accounting department.Closing the Books reveals how to do so promptly and accurately, so that financial statements can be issued shortly after the end of the reporting period. This self-study CPE course discusses the entire process of how information is summarized into the financial statements, as well as the many reporting formats that are available. It covers the full range of closing steps, and shows how to fine-tune the closing process to achieve a shorter close. In addition, the course addresses the controls and record keeping needed for the closing process. In short, Closing the Bookscan be considered a desk reference for anyone who closes the books on a regular basis.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Identify the types of subsidiary ledgers.
Specify the applications of the different types of trial balances.
Identify the types of journal entries used to modify account balances and record transactions.
Recognize the core and delayed steps used to close the books.
State the methods used to fine-tune the closing process, and which activities do not improve the process.
Identify bank reconciliation terminology, as well as the applicability of petty cash reconciliations.
Identify the situations in which revenue can be recorded, as well as how to rebill expenses.
Identify the methods used to assign costs to inventory and increase the accuracy of inventory records.
Specify the rules related to fixed asset recordation and impairment, along with associated terms.
State how accounts payable are handled and the associated expenses recorded.
Identify the recordation decisions associated with payroll transactions.
State the formats in which the income statement can be presented, and note the source of income statement information.
Recognize the proper classification of line items on the balance sheet, and note how the balance sheet is constructed.
Identify the contents of the statement of cash flows.
Identify the contents of the statement of retained earnings.
Identify the types and contents of disclosures that can accompany the financial statements.
State the criteria used to identify a reporting segment, as well as the required segment reporting.
Identify the decision points associated with the integral and discrete views of interim reporting.
Identify the methods used to calculate the various types of earnings per share.
State the additional steps involved in closing the books of a public company, including the additional types of required approvals.
Recognize the controls that should be imposed on the closing process.
Identify the types of records associated with closing the books that should be stored.
Identify the situations under which a soft close can produce errors, and the benefits of using a virtual close.
Major Topics
General Ledgers and Other Ledgers
Trial balance
Journal Entries
Closing Process
Fine-Tune the Closing Process
Closing Cash
Closing Accounts Receivable
Closing Inventory
Closing Fixed Assets
Closing Accounts Payable
Closing Payroll
Income Statement
Balance Sheet
Statement of Cash Flows
Statement of Retained earnings
Financial Statement Disclosures
Segment Reporting
Interim Reporting
earnings per Share
Public Company Close
Controls for Closing the Books
Soft Close and Virtual Close
