Accountant’s Guidebook: Changes and Errors, Closing the Books, and Financial Statements

3 Credits: Accounting


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Accountant’s Guidebook: Changes and Errors, Closing the Books, and Financial Statements

Course Level
CPE Credits

3 Credits: Accounting

Course Description

Jeff Sailor continues his stylistic treatment of Stephen Bragg’s Accountant’s Guidebook. This course covers chapters 18-20. From time to time, a company will find that it must change its accounting to reflect a change in accounting principle or estimate, or it may locate an accounting error that must be corrected. This course outlines the rules for both situations and how to disclose them, as well as for several related situations. The course will also review the great many steps required to close the books and issue financial statements by providing an overview of the most prevalent closing activities that you are likely to need.

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Learning Objectives

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

  • Choose an example of a change in accounting estimate.
  • Identify a situation where you would adjust the financial statements of prior interim periods of the current fiscal year.
  • Cite when to change an accounting principle and the type of change that requires retrospective application to prior accounting periods.
  • State why generating customer invoices is an essential part of the closing process and why you want to eliminate intercompany transactions.
  • Cite the basis for accruing a tax liability.
  • Specify a situation where a reserve should not be created.
  • Identify why you must close subsidiary ledgers when closing the books.
  • Define a net operating loss carryforward.
  • Define the purpose of the comparative balance sheet and the statement of retained earnings.
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Course Specifics

Course ID
Revision Date
March 6, 2020


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

Jeff Sailor Headshot

Jeff Sailor, CPA, received a master’s degree in accounting from the University of Florida. Upon graduation, he joined the auditing staff at Peat Marwick in Jacksonville, Florida, where he worked on a large number of national accounts. Jeff has managed his own accounting firm in Ocala, Florida, since 1984. During that time, he has also developed unique auditing approaches and auditing software. Since 1992, Jeff has been teaching accounting and auditing courses he developed to combat traditional “boring CPE.” Using a variety of creative teaching methods sprinkled with humorous video spoofs, Jeff is able to combine his in-depth accounting insights …

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