This course clarifies for the accountant the intricate series of activities needed to correctly close the books at year-end. Following the guidance in this course reduces the risks of having closing errors and issuing incorrect financial statements. The course itemizes closing activities for the fiscal year, as well as other activities required at the end of the calendar year. There is a particular emphasis on such major areas of accounting as receivables, inventory, fixed assets, payables, and payroll. Additional tasks required for the year-end close of a publicly held company are also described.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Recognize the staffing policies needed to ensure that there are sufficient staff on hand to complete the year-end close.
Identify the activities involved in archiving accounting documents.
Specify the steps involved in the construction of the annual budget.
Identify the contents of the year-end binder.
Recognize the situations in which a soft close is more likely to result in financial statement errors.
Specify how to verify the reasonableness of the balance in the allowance for doubtful accounts.
Recognize the tasks involved in the year-end examination of open jobs.
Identify the evaluation criteria stated in the lower of cost or market rule.
Specify the methods used to recognize fixed assets reclassified out of the held-for-sale classification, and fixed assets that have been abandoned.
Specify the distribution of the Form 1099-MISC, as well as how the form is to be completed.
Identify the trigger that causes a change in the experience rating assigned by a government.
Recognize the role of EDGARizing in the year-end close.
Specify the steps required for the preparation of financial statements.
Major Topics
Year-End Close
Receivables Yea-End
Inventory Year-End
Fixed Assets Year-End
Payables Year-End
Payroll Year-End
Public Company Year-End
Closing Checklist
