Financial Accounting – Closing Process
4.2 (188 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
13,677 students enrolled

Financial Accounting – Closing Process

Closing processes including three formats of the closing process helping us better understand accounting concepts
4.2 (188 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
13,677 students enrolled
Last updated 6/2019
English
English [Auto]
Current price: $139.99 Original price: $199.99 Discount: 30% off
23 hours left at this price!
30-Day Money-Back Guarantee
This course includes
  • 8 hours on-demand video
  • 6 articles
  • 14 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Assignments
  • Certificate of Completion
Training 5 or more people?

Get your team access to 4,000+ top Udemy courses anytime, anywhere.

Try Udemy for Business
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
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
Expand all 59 lectures 08:18:26
+ Closing Process Overview
8 lectures 17:27
Closing Process Overview
00:17
PDF 20 400 Closing Process Explained
00:08
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
Discuss the reason temporary accounts are closed.
Discussion Question 10 - Closing Process
1 question
Accounting Comic Break
00:14
+ Closing Process – One Step
6 lectures 39:02
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
Describe the differences between temporary accounts and permanent accounts.
Discussion Question 20 Closing Process
1 question
+ Closing Process – Two Steps
7 lectures 47:10
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
List and describe the components of the accounting cycle.
Discussion Question 30 Closing Process
1 question
+ Closing Process – Four Steps
14 lectures 01:37:52
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
Discuss the characteristics of a classified balance sheet.
Discussion Questions 40 Closing Process
1 question
+ Post-Closing Trial Balance
6 lectures 35:22
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
Explain the closing process.
Discussion Question 50 Closing Process
1 question
+ Comprehensive Problem
14 lectures 02:47:33
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
Describe a post closing trial balance.
Discussion Question 60 Closing Process
1 question