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Course Details

The Soft Close (Course Id 846)

New / QAS / Registry
Author : Steven Bragg, CPA
Status : Production
CPE Credits : 1.0
IRS Credits : 0
Price : $12.95
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


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


Review Questions

Answers to Chapter 1 Review Questions


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