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Finance & Accounting Accounting & Bookkeeping Financial Accounting

Financial Accounting – Closing Process

Closing processes including three formats of the closing process helping us better understand accounting concepts
Rating: 4.4 out of 54.4 (322 ratings)
27,041 students
Created by Robert (Bob) Steele
Last updated 6/2019
English
English [Auto]
30-Day Money-Back Guarantee

What you'll 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
Curated for the Udemy for Business collection

Requirements

  • Basic understanding of accounting concepts and debits and credits.

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.

Who this course is for:

  • Accounting students
  • Business owner
  • Anyone who whats to learn accounting

Course content

8 sections • 59 lectures • 8h 18m total length

  • Preview07:41

  • Preview00:46
  • 5 300 Accounting Cycle Steps in the Accounting Process (1)
    Preview10:02
  • Preview11:08

  • Closing Process Overview
    00:17
  • PDF 20 400 Closing Process Explained
    00:08
  • Preview07:20
  • Notes - What the Closing Process Is
    01:46
  • PDF 23 Post Closing Trial Balance
    00:08
  • 23 Post Closing Trial Balance
    04:05
  • Notes - Goals of the Closing Process
    03:28
  • Discussion Question 10 - Closing Process
    1 question
  • Accounting Comic Break
    00:14

  • Closing Process – One Step
    00:42
  • PDF 25 One Step Closing Process
    00:08
  • 25 One Step Closing Process
    11:50
  • Notes - One Step Closing Process
    08:06
  • Excel Download
    00:05
  • Worksheet - Single Step Closing Process
    18:11
  • Discussion Question 20 Closing Process
    1 question

  • Closing Process – Two Steps
    01:00
  • PDF 28 Two Step Closing Process
    00:08
  • 28 Two Step Closing Process
    10:54
  • Notes - Two Step Closing Process
    06:45
  • Excel Download
    00:05
  • Worksheet - Two Step Closing Process
    16:57
  • Multiple Choice Questions 1 - 10 Multiple Choice Questions Closing Process
    11:21
  • Discussion Question 30 Closing Process
    1 question

  • Closing Process – Four Steps
    02:00
  • PDF 30 400 Closing Process Step 1 of 4 - Journal Entry 1 of 4
    00:08
  • 30 400 Closing Process Step 1 of 4 - Journal Entry 1 of 4
    03:52
  • PDF 40 400 Closing Step 2 of 4 - Journal Entry 2 of 4
    00:08
  • 40 400 Closing Step 2 of 4 - Journal Entry 2 of 4
    05:49
  • PDF 50 400 Closing Entries Journal Entry 3 of 4 Step 3 Income summary
    00:08
  • 50 400 Closing Entries Journal Entry 3 of 4 Step 3 Income summary
    05:30
  • PDF 60 400 Closing Process Step 4 of 4 Closing Journal Entry Draws or Withdraws
    00:08
  • 60 400 Closing Process Step 4 of 4 Closing Journal Entry Draws or Withdraws
    07:26
  • Notes - Four Step Closing Process
    09:51
  • Excel Download
    00:05
  • Worksheet - Four Step Closing Process
    24:34
  • Multiple Choice Question 2 - 20 Multiple Choice Closing Process
    07:33
  • Short Calculation Questions 1 - 400.10 Test questions part 1 Closing entries
    30:40
  • Discussion Questions 40 Closing Process
    1 question

  • Post-Closing Trial Balance
    00:37
  • PDF 70 Post Closing Trial Balance & financial statements
    00:08
  • 70 Post Closing Trial Balance & financial statements
    06:22
  • Notes - Post-Closing Trial Balance
    01:31
  • Multiple Choice Questions 3 - 30 Multiple Choice Questions Closing Process
    08:52
  • Short Calculation Questions 2 - 400.30 Test question practice problems 400 part
    17:52
  • Discussion Question 50 Closing Process
    1 question

  • Comprehensive Problem
    01:27
  • Excel Download - Example Worksheet
    00:05
  • Excel Download - Practice Worksheet
    00:05
  • 1 Accounting%2C Financial - Comp Prob Service Co 1 Part 1
    15:01
  • 2 Accounting%2C Financial - Comp Prob Service Co 1 Part 2
    15:10
  • 3 Accounting%2C Financial - Comp Prob Service Co 1 Part 3
    15:20
  • 4 Accounting%2C Financial - Comp Prob Service Co 1 Part 4
    22:13
  • 5 Accounting%2C Financial - Comp Prob Service Co 1 Adjusting Entries part 5
    15:02
  • 6 Comp Prob Service Co 1 Adjusting Entries part 6
    20:05
  • 7 Accounting%2C Financial - Comp Prob Service Co 1 Financial Statements part 7
    15:01
  • 8 Accounting%2C Financial - Comp Prob Service Co 1 Financial Statements part 8
    16:39
  • 9 Accounting%2C Financial - Comp Prob Service Co 1 Closing Process Part 9
    10:02
  • 10 Comp Prob Service Co 1 Closing Process part 10
    10:40
  • Multiple Choice Questions 4 - 40 Multiple Choice Questions Closing Process
    10:43
  • Discussion Question 60 Closing Process
    1 question

Instructor

Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI
Robert (Bob) Steele
  • 4.4 Instructor Rating
  • 16,941 Reviews
  • 352,792 Students
  • 97 Courses

Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.  

Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).  

Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.  

In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.  

Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.  

Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.  

Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.  

Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.  

The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.  

Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like Udemy.

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