The Year-End Close

3 Credits: Accounting


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The Year-End Close

Course Level
CPE Credits

3 Credits: Accounting

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.

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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.
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Course Specifics

Course ID
Revision Date
June 1, 2023

There are no prerequisites

Advanced Preparation


Compliance Information

NASBA Provider Number: 103220

CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

Meet The Experts

Steven M. Bragg Headshot

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 250 business books and courses. 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 …

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