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| Author : | Steven Bragg, CPA |
| Status : | Production |
| CPE Credits : | 1.0 |
| IRS Credits : | 0 |
| Price : | $14.95 |
| Passing Score : | 70% |
| Primary Subject-Field Of Study: | Accounting - Accounting and Auditing 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 : |
What is a soft close? Questions Answers AccountingTools
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| 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
• 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 |
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