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.


Course Specifics

Aug 8, 2018
There are no prerequisites

Compliance Information

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.
  • 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.

Chapter 2

  • Specify 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

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

Chapter 5

  • Specify 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

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

Table of Contents

Chapter 1 – The Year-End Close

Learning Objectives


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


Chapter 1 – Review Questions

Chapter 2 – Receivables Year-End

Learning Objectives


Verify the Allowance for Doubtful Accounts

Clean the Receivables Aging Report

Match the Receivables Aging to the General Ledger


Chapter 2 – Review Questions

Chapter 3 – Inventory Year-End

Learning Objectives


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


Chapter 3 – Review Questions

Chapter 4 – Fixed Assets Year-End

Learning Objectives


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


Chapter 4 – Review Questions

Chapter 5 – Payables Year-End

Learning Objectives


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


Chapter 5 – Review Questions

Chapter 6 – Payroll Year-End

Learning Objectives


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


Chapter 6 – Review Questions

Chapter 7 – Public Company Year-End

Learning Objectives


The Public Company Closing Process

The Form 10-K

Public Company Record Keeping

Additional Staffing


Chapter 7 – Review Questions

Chapter 8 – The Closing Checklist

Learning Objectives


Closing Checklist

Management Issues



Fixed Assets



Journal Entries

Balance Sheet Reconciliations

Consolidate Results

Error Checking

Preparation of the Financial Statements




Chapter 8 – Review Questions

Review Question Answers and Rationales



Final Examination

Answer Sheet

Course Evaluation

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