CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Closing the Books: An Accountant's Guide

Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
13 Credits: Accounting

Course Description

One of the most difficult tasks for the practicing accountant is to close the books at the end of each month and produce a quality set of financial statements in a timely manner. From the perspective of the rest of the company, it may be considered the most important accounting function of all. This course walks you through every aspect of closing the books, including specific closing activities, how to construct the financial statement package, the controls and record keeping systems needed to close the books, and how to fine-tune the process.

Learning Objectives

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

Chapter 1

  • Cite an example of a common subsidiary ledger
  • Identify what is recorded in the purchase ledger

Chapter 2

  • Identify the purpose of an adjusted trial balance or extended trial balance
  • Specify where line items in a trial balance originate

Chapter 3

  • State the offset account of accrued revenue
  • List the purpose of a reversing entry and income summary account
  • Identify why accountants are assigned to make journal entries

Chapter 4

  • Identify a key issue when consolidating results from divisions
  • Cite the importance of closing subsidiary ledgers

Chapter 5

  • List an advantage of performing an early bank reconciliation
  • Specify the purpose of workflow management systems

Chapter 6

  • Define not sufficient funds and lifting fee
  • Identify how the closing of petty cash affects the overall close

Chapter 7

  • Cite when it is not necessary to record revenue
  • List an inefficient way for handling rebillable expenses

Chapter 8

  • Identify a way to improve inventory record accuracy
  • Define the first in, first out method
  • Cite the basis for the retail inventory method
  • Specify when overhead may be overabsorbed

Chapter 9

  • Cite when interest should be capitalized
  • Define carrying amount
  • State what should be done when an asset group is impaired

Chapter 10

  • Define negative approval
  • Cite an example of a situation where accounts payable would suspend payment
  • Identify an advantage of accruing an expense based on the purchase order

Chapter 11

  • Specify where a commission expense may be classified
  • Identify an item for which payroll tax accrual is inappropriate
  • Cite how an employee pay raise affects vacation accrual

Chapter 12

  • Name a type of income statement that has multiple subtotals
  • Identify the purpose of the contribution margin income statement
  • Cite a good source document for use when compiling by hand

Chapter 13

  • Identify how specific items should be classified on a balance sheet
  • List steps used to construct a balance sheet

Chapter 14

  • Identify an item included in the investing activities section of a statement of cash flows
  • Specify where an increase in trade receivables would be accounted for

Chapter 15

  • List an item that could be separately identified on the statement of retained earnings

Chapter 16

  • List what should be included when disclosing bad debts, contingencies and commitments, fixed assets, or revenue issues

Chapter 17

  • Define segment test and identify how to proceed when cutoffs are not met
  • Cite procedure for reporting segment information

Chapter 18

  • Identify assumptions and applications of the integral view
  • State effects of the discrete view on interim reporting
  • Specify when a change in accounting estimate occurs

Chapter 19

  • Cite when adjustments should be made to basic earnings per share
  • Specify when to subtract interest expense from and items that may reduce diluted earnings per share

Chapter 20

  • List a possible consequence of third-party Form 10-Q preparation
  • Name a document that may only be issued with board of directors’ approval
  • Cite a step in the EDGARizing process

Chapter 21

  • Identify when an analytical review is helpful

Chapter 22

  • List items to be included in the month-end binder
  • Identify what should be part of recordkeeping for public companies

Chapter 23

  • Identify good recipients for soft close financial statements
  • Cite the date when calendar-year companies would use a soft close
  • List situations when a soft close may produce financial statement errors
  • Define a virtual close and specify how it differs from a soft close

Course Specifics

Course ID
1143284
Revision Date
September 24, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Steven M. Bragg Headshot
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 …

Steven M. Bragg, CPA Read More »

Closing the Books: An Accountant's Guide

Expert Instructors
Format
CPE CREDITS
13 Credits: Accounting

$351.00$391.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
13 Credits: Accounting

Course Description

One of the most difficult tasks for the practicing accountant is to close the books at the end of each month and produce a quality set of financial statements in a timely manner. From the perspective of the rest of the company, it may be considered the most important accounting function of all. This course walks you through every aspect of closing the books, including specific closing activities, how to construct the financial statement package, the controls and record keeping systems needed to close the books, and how to fine-tune the process.

Learning Objectives

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

Chapter 1

  • Cite an example of a common subsidiary ledger
  • Identify what is recorded in the purchase ledger

Chapter 2

  • Identify the purpose of an adjusted trial balance or extended trial balance
  • Specify where line items in a trial balance originate

Chapter 3

  • State the offset account of accrued revenue
  • List the purpose of a reversing entry and income summary account
  • Identify why accountants are assigned to make journal entries

Chapter 4

  • Identify a key issue when consolidating results from divisions
  • Cite the importance of closing subsidiary ledgers

Chapter 5

  • List an advantage of performing an early bank reconciliation
  • Specify the purpose of workflow management systems

Chapter 6

  • Define not sufficient funds and lifting fee
  • Identify how the closing of petty cash affects the overall close

Chapter 7

  • Cite when it is not necessary to record revenue
  • List an inefficient way for handling rebillable expenses

Chapter 8

  • Identify a way to improve inventory record accuracy
  • Define the first in, first out method
  • Cite the basis for the retail inventory method
  • Specify when overhead may be overabsorbed

Chapter 9

  • Cite when interest should be capitalized
  • Define carrying amount
  • State what should be done when an asset group is impaired

Chapter 10

  • Define negative approval
  • Cite an example of a situation where accounts payable would suspend payment
  • Identify an advantage of accruing an expense based on the purchase order

Chapter 11

  • Specify where a commission expense may be classified
  • Identify an item for which payroll tax accrual is inappropriate
  • Cite how an employee pay raise affects vacation accrual

Chapter 12

  • Name a type of income statement that has multiple subtotals
  • Identify the purpose of the contribution margin income statement
  • Cite a good source document for use when compiling by hand

Chapter 13

  • Identify how specific items should be classified on a balance sheet
  • List steps used to construct a balance sheet

Chapter 14

  • Identify an item included in the investing activities section of a statement of cash flows
  • Specify where an increase in trade receivables would be accounted for

Chapter 15

  • List an item that could be separately identified on the statement of retained earnings

Chapter 16

  • List what should be included when disclosing bad debts, contingencies and commitments, fixed assets, or revenue issues

Chapter 17

  • Define segment test and identify how to proceed when cutoffs are not met
  • Cite procedure for reporting segment information

Chapter 18

  • Identify assumptions and applications of the integral view
  • State effects of the discrete view on interim reporting
  • Specify when a change in accounting estimate occurs

Chapter 19

  • Cite when adjustments should be made to basic earnings per share
  • Specify when to subtract interest expense from and items that may reduce diluted earnings per share

Chapter 20

  • List a possible consequence of third-party Form 10-Q preparation
  • Name a document that may only be issued with board of directors’ approval
  • Cite a step in the EDGARizing process

Chapter 21

  • Identify when an analytical review is helpful

Chapter 22

  • List items to be included in the month-end binder
  • Identify what should be part of recordkeeping for public companies

Chapter 23

  • Identify good recipients for soft close financial statements
  • Cite the date when calendar-year companies would use a soft close
  • List situations when a soft close may produce financial statement errors
  • Define a virtual close and specify how it differs from a soft close

Course Specifics

Course ID
1143284
Revision Date
September 24, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Steven M. Bragg Headshot
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 …

Steven M. Bragg, CPA Read More »

Closing the Books: An Accountant's Guide

Expert Instructors
Format
CPE CREDITS
13 Credits: Accounting

$351.00$391.00

Clear