|Author :||Steven Bragg, CPA|
|CPE Credits :||13.0|
|IRS Credits :||0|
|Passing Score :||70%|
|Primary Subject-Field Of Study:||
Accounting - Accounting for Course Id 636
Closing the Books: An Accountants Guide demonstrates how the accounting systems summarize information into financial statements, how to close the books efficiently, how to construct financial statements, and the controls and record keeping systems needed to close the books.
|Usage Rank :||0|
|Experience Level :||Overview|
|Additional Contents :||Complete, no additional material needed|
|Additional Links :|
|Advance Preparation :||None|
|Delivery Method :||Self-Study|
|Intended Participants :||Anyone needing Continuing Professional Education (CPE)|
|Revision Date :||18-Dec-2015|
|NASBA Course Declaration :||Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.|
|Approved Audience :||
NASBA QAS - NASBA Registry - 636
|Keywords :||Accounting, Closing, Books, Accountants, Guide, Fourth, Edition, cpe, cpa, online course|
|Learning Objectives :||
Course Learning Objectives
Note the applications of the different types of trial balances.
Cite the types of journal entries used to modify account balances and record transactions.
Recognize the core and delayed steps used to close the books.
State the methods used to fine-tune the closing process, and which activities do not improve the process.
Identify bank reconciliation terminology, as well as the applicability of petty cash reconciliations.
Cite the situations in which revenue can be recorded, as well as how to rebill expenses.
Identify the methods used to assign costs to inventory and increase the accuracy of inventory records.
Note the rules related to fixed asset recordation and impairment, along with associated terms.
State how accounts payable are handled and the associated expenses recorded.
Identify the recordation decisions associated with payroll transactions.
State the formats in which the income statement can be presented, and note the source of income statement information.
Recognize the proper classification of line items on the balance sheet, and note how the balance sheet is constructed.
Identify the contents of the statement of cash flows.
Identify the contents of the statement of retained earnings.
Cite the types and contents of disclosures that can accompany the financial statements.
State the criteria used to identify a reporting segment, as well as the required segment reporting.
Identify the decision points associated with the integral and discrete views of interim reporting.
Cite the methods used to calculate the various types of earnings per share.
State the additional steps involved in closing the books of a public company, including the additional types of required approvals.
Recognize the controls that should be imposed on the closing process.
Identify the types of records associated with closing the books that should be stored.
Cite the situations under which a soft close can produce errors, and the benefits of using a virtual close.
|Course Contents :||
Chapter 1 - The General Ledger and Other Ledgers
The Ledger Concept
General Ledger Overview
The Accounts Receivable Ledger
The Purchase Ledger
Chapter 2 - The Trial Balance
Overview of the Trial Balance
The Trial Balance Format
The Extended Trial Balance
Trial Balance Error Correction
The Post-Closing Trial Balance
Evaluation of the Trial Balance
Chapter 3 - Journal Entries
The Accruals Concept
Common Adjusting Entries
Journal Entry Efficiencies
Chapter 4 - The Closing Process
Prior Steps: Update Reserves
Core Steps: Issue Customer Invoices
Core Steps: Value Inventory
Core Steps: Calculate Depreciation
Core Steps: Accrue Expenses
Core Steps: Consolidate Division Results
Core Steps: Eliminate Intercompany Transactions
Core Steps: Review Journal Entries
Core Steps: Reconcile Accounts
Core Steps: Close Subsidiary Ledgers
Core Steps: Create Financial Statements
Core Steps: Review Financial Statements
Core Steps: Accrue Tax Liabilities
Core Steps: Close the Month
Core Steps: Calculate Earnings per Share
Core Steps: Add Disclosures
Core Steps: Write Cover Letter
Core Steps: Issue Financial Statements
Delayed Steps: Issue Customer Invoices
Delayed Steps: Closing Metrics
Delayed Steps: Document Future Closing Changes
Delayed Steps: Update Closing Procedures
Chapter 5 - Fine-Tune the Closing Process
Task Interdependency Analysis
Correct Errors Early
Reconcile Accounts Early
Adjust Reserves Early
Alter Overhead Allocations Early
Review the Shipping Log Early
Review Billable Hours Early
Accelerate Depreciation Calculations
Examine Commissions Early
Standardize the Accounting System
Centralize the Accounting System
Standardize Exception Handling
Centralize Travel Bookings
Mitigate Information Dependencies
Standardize the Report Layout
Reduce the Financial Statements
Collect Report Information Early
Ongoing Process Improvements
Chapter 6 - Closing Cash
Overview of the Bank Reconciliation
The Bank Reconciliation Procedure
Bank Reconciliation Problems
The Bank Reconciliation Statement
The Timing of the Bank Reconciliation
Negative Cash on the Balance Sheet
Closing Petty Cash
Chapter 7 - Closing Accounts Receivable
The Shipping Log Interface
Revenue Recognition Rules
Treatment of Deferred Revenue
Issues with Subcontractors
Reconciling Accounts Receivable
The Allowance for Doubtful Accounts
Recording Contra Revenue
Chapter 8 - Closing Inventory
Valuation Step 1: The Quantity of Inventory on Hand
The Periodic Inventory System
The Perpetual Inventory System
The Gross Profit Method
Valuation Step 2: Inventory Costing
The First In, First Out Method
The Last In, First Out Method
The Weighted Average Method
The Retail Inventory Method
Valuation Step 3: Overhead Allocation
Valuation Step 4: Inventory Valuation
The Lower of Cost or Market Rule
Obsolete Inventory Accounting
Chapter 9 - Closing Fixed Assets
Initial Asset Recognition
The Depreciation Entry
Reconciling Fixed Assets
Chapter 10 - Closing Accounts Payable
Accounts Payable Accruals
Invoice Approval Delays
Issues with the Credit Card Close
Accounts Payable Suspense Items
Reconciling Accounts Payable
Chapter 11 - Closing Payroll
The Wage Accrual
The Commission Accrual
The Bonus Accrual
The Payroll Tax Accrual
The Benefits Accrual
The Vacation Accrual
Reconciling Compensation Accruals
Chapter 12 - The Income Statement
Income Statement Overview
The Single-Step Income Statement
The Multi-Step Income Statement
The Condensed Income Statement
The Contribution Margin Income Statement
The Multi-Period Income Statement
The Statement of Activities
How to Construct the Income Statement
Other Income Statement Topics
What is a Cash Basis Income Statement?
What is a Partial Income Statement?
What are Headline Earnings?
Chapter 13 - The Balance Sheet
Overview of the Balance Sheet
The Common Size Balance Sheet
The Comparative Balance Sheet
The Nonprofit Balance Sheet
Unrestricted Net Assets
Temporarily Restricted Net Assets
Permanently Restricted Net Assets
How to Construct the Balance Sheet
Other Balance Sheet Topics
Does an Expense Appear on the Balance Sheet?
Where do Accruals Appear on the Balance Sheet?
What is Order of Liquidity?
Chapter 14 - The Statement of Cash Flows
Overview of the Statement of Cash Flows
The Direct Method
The Indirect Method
Illustration of the Preparation of a Statement of Cash Flows
Chapter 15 - The Statement of Retained Earnings
Overview of the Statement of Retained Earnings
How to Prepare the Statement of Retained Earnings
Chapter 16 - Financial Statement Disclosures
Chapter 17 - Segment Reporting
Overview of Segment Reporting
Products, Services, and Customer Disclosure
Geographic Area Disclosure
Chapter 18 - Interim Reporting
Overview of Interim Reporting
General Interim Reporting Rule
Variations from the Interim Reporting Rule
Changes in Accounting Principle in Interim Periods
Changes in Accounting Estimate in Interim Periods
Error Correction in Interim Periods
Adjustments to Prior Interim Periods
The Integral View
The Discrete View
Comparison of the Integral and Discrete Views
Disclosures for Interim Reporting
Chapter 19 - Earnings per Share
Basic Earnings per Share
Diluted Earnings per Share
Presentation of Earnings per Share
Chapter 20 - The Public Company Close
The Public Company Closing Process
The Form 10-Q
The Form 10-K
Chapter 21 - Controls for Closing the Books
Preventive and Detective Controls
Additional Controls for Public Companies
Balancing Controls against Speed
Chapter 22 - Record Keeping
Month-End Record Keeping
Year-End Record Keeping
Public Company Record Keeping
Chapter 23 Soft Close and Virtual Close
The Reporting Package