Self-Study
3
Overview
Accounting
There are no prerequisites.

Course Description

The most critical work product of the accounting department is the year-end close, resulting in the issuance of full-year financial statements. This close involves all of the usual month-end closing activities, plus a number of additional tasks. It also requires an inordinate amount of staff time that begins weeks before the last day of the year and may continue for over a month afterwards.

The Year-End Close discusses the actions needed to close the books at the end of the fiscal year, as well as other activities required at the end of the calendar year. There is a particular emphasis on several major areas of accounting, including receivables, inventory, fixed assets, payables, and payroll. Additional tasks required for the year-end close of a publicly held company are also described, giving you a full depiction of the necessary tasks to close the books at the end of the year.



Instructor

Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.

Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).



Course Specifics

Accounting
Nov 29, 2017
There are no prerequisites.
SS1153424
75
None


Compliance Information

103220
Qualifies for CA Fraud: No


Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • 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.
  • Note 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.

Chapter 2

  • Note how to verify the reasonableness of the balance in the allowance for doubtful accounts.

Chapter 3

  • 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.

Chapter 4

  • Note the methods used to recognize fixed assets reclassified out of the held-for-sale classification, and fixed assets that have been abandoned.

Chapter 5

  • Note the distribution of the Form 1099-MISC, as well as how the form is to be completed.

Chapter 6

  • Identify the trigger that causes a change in the experience rating assigned by a government.

Chapter 7

  • Recognize the role of EDGARizing in the year-end close.

Chapter 8

  • Note the steps required for the preparation of financial statements.


Table of Contents

Chapter 1 – The Year-End Close

Learning Objectives

Introduction

The Calendar and Fiscal Years

The Year-End Work Load

The Year-End Calendar

Staffing Issues

General Accounting Closing Activities

Annual Performance Reviews

Destroy Documents

Create New Files

Transfer Documents to Long-Term Storage

Review Journal Entries

Annual Budget

Reconcile Accounts

Update the Chart of Accounts

The Year-End Book

The Soft Close

Summary

Chapter 1 – Review Questions

Chapter 2 – Receivables Year-End

Learning Objectives

Introduction

Verify the Allowance for Doubtful Accounts

Clean the Receivables Aging Report

Match the Receivables Aging to the General Ledger

Summary

Chapter 2 – Review Questions

Chapter 3 – Inventory Year-End

Learning Objectives

Introduction

The Physical Inventory Count

Prior to the count

Counting activities

Verify Inventory Valuation

Verify Open Jobs

Examine Cost Pools

Examine Obsolete Inventory Reserve

Examine for Lower of Cost or Market

Review Outstanding Bill and Hold Transactions

Summary

Chapter 3 – Review Questions

Chapter 4 – Fixed Assets Year-End

Learning Objectives

Introduction

Calculate Year-end Depreciation

Document Interest Capitalization

Verify Asset Retirement Obligations

Investigate Asset Impairment

Verify Held-for-Sale Assets

Investigate Repairs and Maintenance

Derecognize Fixed Assets

Conduct a Fixed Asset Physical Count

Verify the Fixed Asset Register

Complete a Fixed Asset Roll Forward

Summary

Chapter 4 – Review Questions

Chapter 5 – Payables Year-End

Learning Objectives

Introduction

Uncashed Checks

Unremitted Expense Reports

Delay the Supplier Invoice Cutoff

Record within the Correct Period

Settle Disputed Invoices

Clean up Prepaid Expenses

Match Payables Aging to General Ledger

The Form 1099-MISC

Treatment of Incorrect Filings

Form 1099 Administrative Issues

Summary

Chapter 5 – Review Questions

Chapter 6 – Payroll Year-End

Learning Objectives

Introduction

Human Resources Inputs

Bonus Finalization

Commission Finalization

Update the Experience Rating

Update the Mileage Reimbursement Rate

Payroll-Related Tax Filings

Form W-2

Form 940

Form 945

Summary

Chapter 6 – Review Questions

Chapter 7 – Public Company Year-End

Learning Objectives

Introduction

The Public Company Closing Process

The Form 10-K

Public Company Record Keeping

Additional Staffing

Summary

Chapter 7 – Review Questions

Chapter 8 – The Closing Checklist

Learning Objectives

Introduction

Closing Checklist

Management Issues

Receivables

Inventory

Fixed Assets

Payables

Payroll

Journal Entries

Balance Sheet Reconciliations

Consolidate Results

Error Checking

Preparation of the Financial Statements

Filing

Other

Summary

Chapter 8 – Review Questions

Review Question Answers and Rationales

Glossary

Index

Final Examination

Answer Sheet

Course Evaluation



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