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Course Details

The Soft Close (Course Id 846)

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Author : Steven Bragg, CPA
Status : Production
CPE Credits : 1.0
IRS Credits : 0
Price : $14.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 846

Description :

The Soft Close course describes the normal closing steps that can be eliminated or altered in order to achieve a simpler soft close. It also describes the risks associated with using a soft close, and the situations in which this type of close can be used. Ancillary topics are also covered, including recommended disclosures and how to employ a soft close in a multi-subsidiary environment.

Usage Rank : 0
Release : 2015
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 : 12-Sep-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 - 846

Keywords : Accounting, Soft, Close, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

    Recognize the situations in which financial statements that have been produced with a soft close can be issued.
    Identify the reporting periods in which a public or private company could use a soft close.
    Note the situations in which a soft close is more likely to result in financial statement errors.
    Recognize the calculation methods used to estimate ending inventory.
    State the types of risk environments in which a soft close should and should not be used.
Course Contents :

Chapter 1 - The Soft Close

Introduction

Soft Close Overview

Soft Close Advantages

Soft Close Disadvantages

Applicability of the Soft Close

Types of Activities Not Addressed

Deleted Step Account Reconciliations

The Bank Reconciliation

Deleted Step - Accruals

Altered Step Depreciation and Amortization Recognition

Deleted Step Physical Inventory Counts

The Gross Profit Method

The Retail Inventory Method

Altered Step Overhead Allocations

Deleted Step Intercompany Eliminations

Altered Step Reserve Account Updates

Deleted Step Revenue Accruals

What to Include in the Soft Close

The Soft Close in Multiple Subsidiaries

The Risk Environment for a Soft Close

Soft Close Disclosures

Summary

Review Questions

Answers to Chapter 1 Review Questions

Glossary

Accounting Course 846 Home: https://www.cpethink.com/qas-cpa-courses
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