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Course Details

Closing the Books: An Accountants Guide - Fourth Edition (Course Id 636)

Updated / QAS / Registry   Add to Cart 
Author : Steven Bragg, CPA
Status : Production
CPE Credits : 13.0
IRS Credits : 0
Price : $112.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 636

Description :

Closing the Books: An Accountant’s 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
Release : 2014
Version : 1.0
Prerequisites : None
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

    • Identify the types of subsidiary ledgers.
    • 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.

Chapter 1
The General Ledger and Other Ledgers

Identify the types of subsidiary ledgers.

Chapter 2
The Trial Balance

Note the applications of the different types of trial balances.

Chapter 3
Journal Entries

Cite the types of journal entries used to modify account balances and record transactions.

Chapter 4
The Closing Process

Recognize the core and delayed steps used to close the books.

Chapter 5
Fine-Tune the Closing Process

State the methods used to fine-tune the closing process, and which activities do not improve the process.

Chapter 6
Closing Cash

Identify bank reconciliation terminology, as well as the applicability of petty cash reconciliations.

Chapter 7
Closing Accounts Receivable

Cite the situations in which revenue can be recorded, as well as how to rebill expenses.

Chapter 8
Closing Inventory

Identify the methods used to assign costs to inventory and increase the accuracy of inventory records.

Chapter 9
Closing Fixed Assets

Note the rules related to fixed asset recordation and impairment, along with associated terms.

Chapter 10
Closing Accounts Payable

State how accounts payable are handled and the associated expenses recorded.

Chapter 11
Closing Payroll

Identify the recordation decisions associated with payroll transactions.

Chapter 12
The Income Statement

State the formats in which the income statement can be presented, and note the source of income statement information.

Chapter 13
The Balance Sheet

Recognize the proper classification of line items on the balance sheet, and note how the balance sheet is constructed.

Chapter 14
The Statement of Cash Flows

Identify the contents of the statement of cash flows.

Chapter 15
The Statement of Retained Earnings

Identify the contents of the statement of retained earnings.

Chapter 16
Financial Statement Disclosures

Cite the types and contents of disclosures that can accompany the financial statements.

Chapter 17
Segment Reporting

State the criteria used to identify a reporting segment, as well as the required segment reporting.

Chapter 18
Interim Reporting

Identify the decision points associated with the integral and discrete views of interim reporting.

Chapter 19
Earnings per Share

Cite the methods used to calculate the various types of earnings per share.

Chapter 20
The Public Company Close

State the additional steps involved in closing the books of a public company, including the additional types of required approvals.

Chapter 21
Controls for Closing the Books

Recognize the controls that should be imposed on the closing process.

Chapter 22
Record Keeping for Closing the Books

Identify the types of records associated with closing the books that should be stored.

Chapter 23
The Soft Close and Virtual Close

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

Adjusting Entries

Reversing Entries

Common Adjusting Entries

Closing Entries

Correcting Entries

Journal Entry Efficiencies

Standardize Accounts

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

Case Study

Closing Checklist

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

Accrue Early

Accelerate Depreciation Calculations

Examine Commissions Early

Standardize the Accounting System

Centralize the Accounting System

Standardize Exception Handling

Centralize Travel Bookings

Process Centering

Mitigate Information Dependencies

Standardize the Report Layout

Reduce the Financial Statements

Collect Report Information Early

Electronic Delivery

Defer Activities

Automation Solutions

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 Accruals

Revenue Recognition Rules

Treatment of Deferred Revenue

Issues with Subcontractors

Recurring Invoices

Rebillable Expenses

Reconciling Accounts Receivable

Non-Trade Receivables

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

Standard Costing

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

Interest Capitalization

Asset Impairment

Reconciling Fixed Assets

Chapter 10 - Closing Accounts Payable

Accounts Payable Accruals

Invoice Approval Delays

Expense Reports

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

Statement Objectives

Statement Requirements

Reporting Classifications

The Direct Method

The Indirect Method

Presentation Variations

Information Sources

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

Accounting Disclosures

Chapter 17 - Segment Reporting

Overview of Segment Reporting

Segment Disclosure

Segment Disclosure

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

Basic 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

Soft Close

Virtual Close

The Reporting Package

Glossary

Accounting Course 636 Home: https://www.cpethink.com/qas-cpa-courses
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