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Course Details

The Year-End Close (Course Id 827)

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Author : Steven Bragg, CPA
Status : Production
CPE Credits : 3.0
IRS Credits : 0
Price : $29.95
Passing Score : 70%
Primary Subject-Field Of Study:

Accounting - Accounting and Auditing for Course Id 827

Description :

The Year-End Close course notes the actions to be taken to close the books at the end of the fiscal year, as well as other activities required at the end of the calendar year. There is a particular emphasis on several major areas of accounting, including receivables, inventory, fixed assets, payables, and payroll. Additional tasks required for the year-end close of a publicly held company are also described.

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 : 15-Jul-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 - 827

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

Course Learning Objectives

    Recognize the staffing policies needed to ensure that there are sufficient staff on hand to complete the year-end close.
    Identify the activities involved in archiving accounting documents.
    Note the steps involved in the construction of the annual budget.
    Identify the contents of the year-end binder.
    Recognize the situations in which a soft close is more likely to result in financial statement errors.
    Note how to verify the reasonableness of the balance in the allowance for doubtful accounts.
    Recognize the tasks involved in the year-end examination of open jobs.
    Identify the evaluation criteria stated in the lower of cost or market rule.
    Note the methods used to recognize fixed assets reclassified out of the held-for-sale classification, and fixed assets that have been abandoned.
    Note the distribution of the Form 1099-MISC, as well as how the form is to be completed.
    Identify the trigger that causes a change in the experience rating assigned by a government.
    Recognize the role of EDGARizing in the year-end close.
    Note the steps required for the preparation of financial statements.

Chapter 1
The Year-End Close

Recognize the staffing policies needed to ensure that there are sufficient staff on hand to complete the year-end close.
Identify the activities involved in archiving accounting documents.
Note the steps involved in the construction of the annual budget.
Identify the contents of the year-end binder.
Recognize the situations in which a soft close is more likely to result in financial statement errors.

Chapter 2
Receivables Year-End

Note how to verify the reasonableness of the balance in the allowance for doubtful accounts.

Chapter 3
Inventory Year-End

Recognize the tasks involved in the year-end examination of open jobs.
Identify the evaluation criteria stated in the lower of cost or market rule.

Chapter 4
Fixed Assets Year-End

Note the methods used to recognize fixed assets reclassified out of the held-for-sale classification, and fixed assets that have been abandoned.

Chapter 5
Payables Year-End

Note the distribution of the Form 1099-MISC, as well as how the form is to be completed.

Chapter 6
Payroll Year-End

Identify the trigger that causes a change in the experience rating assigned by a government.

Chapter 7
Public Company Year-End

Recognize the role of EDGARizing in the year-end close.

Chapter 8
The Closing Checklist

Note the steps required for the preparation of financial statements.
Course Contents :

Chapter 1 - The Year-End Close

The Calendar and Fiscal Years

The Year-End Work Load

The Year-End Calendar

Staffing Issues

General Accounting Closing Activities

Annual Performance Reviews

Destroy Documents

Create New Files

Transfer Documents to Long-Term Storage

Review Journal Entries

Annual Budget

Reconcile Accounts

Update the Chart of Accounts

The Year-End Book

Soft Close

Chapter 2 Receivables Year-End

Verify the Allowance for Doubtful Accounts

Clean the Receivables Aging Report

Match the Receivables Aging to the General Ledger

Chapter 3 Inventory Year-End

The Physical Inventory Count

Verify Inventory Valuation

Verify Open Jobs

Examine Cost Pools

Examine Obsolete Inventory Reserve

Examine for Lower of Cost or Market

Review Outstanding Bill and Hold Transactions

Chapter 4 Fixed Assets Year-End

Calculate Year-end Depreciation

Document Interest Capitalization

Verify Asset Retirement Obligations

Investigate Asset Impairment

Verify Held-for-Sale Assets

Investigate Repairs and Maintenance

Derecognize Fixed Assets

Conduct a Fixed Asset Physical Count

Verify the Fixed Asset Register

Complete a Fixed Asset Roll Forward

Chapter 5 - Payables Year-End

Uncashed Checks

Unremitted Expense Reports

Delay the Supplier Invoice Cutoff

Record Within the Correct Period

Settle Disputed Invoices

Clean Up Prepaid Expenses

Match Payables Aging to General Ledger

The Form 1099-MISC

Treatment of Incorrect Filings

Form 1099 Administrative Issues

Chapter 6 Payroll Year-End

Human Resources Inputs

Bonus Finalization

Commission Finalization

Update the Experience Rating

Update the Mileage Reimbursement Rate

Payroll-Related Tax Filings

Form W-2

Form 940

Form 945

Chapter 7 Public Company Year-End

The Public Company Closing Process

The Form 10-K

Public Company Record Keeping

Additional Staffing

Chapter 8 The Closing Checklist

Closing Checklist

Glossary

Accounting Course 827 Home: https://www.cpethink.com/qas-cpa-courses
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