Course: Closing the Books
Author:Steven Bragg 

Course ID: AACSCTB
CPE Hours: 14

Format: PDF

Price: $ 121.50 

Course Description
Closing the Books: An Accountant’s Guide demonstrates how the accounting systems summarize information into financial statements, how to close the books efficiently, how to construct financial statements, and the controls and record keeping systems needed to close the books.

Delivery: Internet/Interactive

NASBA Category: Accounting

Learning Objectives:

• Explain how the general ledger and various subsidiary ledgers are used to compile information for the financial statements.
• Describe how the trial balance operates and where it fits into the construction of financial statements.
• Discuss the nature of journal entries and which ones to use when closing the books.
• Demonstrate the various steps needed to close the books and issue financial statements.
• Discuss the methods available for improving the efficiency of the closing process.
• Explain how to complete a bank reconciliation, and how a continuous reconciliation process can save time at month-end.
• Explain the issues involved with closing accounts receivable, and how to resolve them.
• Explain how to calculate the ending inventory valuation using different costing methodologies.
• Explain how to formulate the journal entries related to fixed assets that must be addressed as part of the closing process.
• Discuss the issues involved with closing accounts payable, and how to resolve them.
• Demonstrate how to calculate the various types of compensation accruals.
•  Describe the types of income statement formats and how to construct an income statement.
• Explain the types of balance sheet formats and how to construct a balance sheet.
• Describe the formats available for constructing a statement of cash flows, and how to construct the statement.
• Demonstrate how to create a statement of retained earnings in the proper format.
• Explain the general types of disclosures that should accompany the financial statements.
• Describe how to isolate which business segments to report, and how to report information for those segments.
• Discuss the integral and discrete views for reporting interim financial results, as well as the proper treatment of changes in accounting principle and estimate.
• Explain how to calculate and present basic earnings per share and diluted earnings per share information.
• Describe the additional steps needed to create and file financial statements with the SEC.
• Describe the types of controls needed for closing the books.
• Demonstrate the types of record keeping associated with closing the books, and explain why it is important to have this information.

Level:Overview
Overview-This program is appropriate for professionals at all organizational levels

Prerequisites:None

Updated/Revised: September 2011