Financial Accounting Closing Process

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Closing processes including three formats of the closing process helping us better understand accounting concepts

Last updated 2022-01-10 | 4.5

- Describe the closing process and its importance
- Perform closing process using one journal entry
- Perform closing process using two journal entries

What you'll learn

Describe the closing process and its importance
Perform closing process using one journal entry
Perform closing process using two journal entries
Perform closing process using three journal entries
Describe the post closing trial balance
Define temporary accounts and permanent accounts
Understand fundamentals of Excel

* Requirements

* Basic understanding of accounting concepts and debits and credits.

Description

National Association of State Boards of Accountancy (NASBA)

NASBA CPE credits: 11.2

Recommended NASBA field of study: Accounting

Program level: Basic

To earn NASBA CPE credits:

  • Complete all videos
  • Score 70% or higher on final exam

Glossary: Find PDF attached to the first lecture of this course.

Completion to obtain CPE should be accomplished a year after purchase date.

If you undertake this course for NASBA CPE credits, please complete the Self Study Course Evaluation.

CPE Sponsor

Udemy is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. For additional information including refunds and complaints, please see Udemy Terms of Use. For more information regarding administrative policies, please contact our support.

Course content

9 sections • 73 lectures

Introduction 1 lectures

Introduction Preview 07:41

Review Accounting Cycle and Building Blocks 4 lectures

Review Accounting Cycle & Building Blocks Preview 00:46

5 300 Accounting Cycle Steps in the Accounting Process (1) Preview 10:02

10 100.90 Accounting Building Blocks Preview 11:08

CPE Review Quiz: Section #2

Closing Process Overview 10 lectures

Closing Process Overview Preview 00:17

PDF 20 400 Closing Process Explained Preview 00:08

20 400 Closing Process Explained Preview 07:20

Notes - What the Closing Process Is Preview 01:46

PDF 23 Post Closing Trial Balance Preview 00:08

23 Post Closing Trial Balance Preview 04:05

Notes - Goals of the Closing Process Preview 03:28

Discussion Question 10 - Closing Process

Discuss the reason temporary accounts are closed.

Accounting Comic Break Preview 00:14

CPE Review Quiz: Section #3

Closing Process – One Step 8 lectures

Closing Process – One Step Preview 00:42

PDF 25 One Step Closing Process Preview 00:08

25 One Step Closing Process Preview 11:50

Notes - One Step Closing Process Preview 08:06

Excel Download Preview 00:05

Worksheet - Single Step Closing Process Preview 18:11

Discussion Question 20 Closing Process

Describe the differences between temporary accounts and permanent accounts.

CPE Review Quiz: Section #4

Closing Process – Two Steps 9 lectures

Closing Process – Two Steps Preview 01:00

PDF 28 Two Step Closing Process Preview 00:08

28 Two Step Closing Process Preview 10:54

Notes - Two Step Closing Process Preview 06:45

Excel Download Preview 00:05

Worksheet - Two Step Closing Process Preview 16:57

Multiple Choice Questions 1 - 10 Multiple Choice Questions Closing Process Preview 11:21

Discussion Question 30 Closing Process

List and describe the components of the accounting cycle.

CPE Review Quiz: Section #5

Closing Process – Four Steps 16 lectures

Closing Process – Four Steps Preview 02:00

PDF 30 400 Closing Process Step 1 of 4 - Journal Entry 1 of 4 Preview 00:08

30 400 Closing Process Step 1 of 4 - Journal Entry 1 of 4 Preview 03:52

PDF 40 400 Closing Step 2 of 4 - Journal Entry 2 of 4 Preview 00:08

40 400 Closing Step 2 of 4 - Journal Entry 2 of 4 Preview 05:49

PDF 50 400 Closing Entries Journal Entry 3 of 4 Step 3 Income summary Preview 00:08

50 400 Closing Entries Journal Entry 3 of 4 Step 3 Income summary Preview 05:30

PDF 60 400 Closing Process Step 4 of 4 Closing Journal Entry Draws or Withdraws Preview 00:08

60 400 Closing Process Step 4 of 4 Closing Journal Entry Draws or Withdraws Preview 07:26

Notes - Four Step Closing Process Preview 09:51

Excel Download Preview 00:05

Worksheet - Four Step Closing Process Preview 24:34

Multiple Choice Question 2 - 20 Multiple Choice Closing Process Preview 07:33

Short Calculation Questions 1 - 400.10 Test questions part 1 Closing entries Preview 30:40

Discussion Questions 40 Closing Process

Discuss the characteristics of a classified balance sheet.

CPE Review Quiz: Section #6

Post-Closing Trial Balance 8 lectures

Post-Closing Trial Balance Preview 00:37

PDF 70 Post Closing Trial Balance & financial statements Preview 00:08

70 Post Closing Trial Balance & financial statements Preview 06:22

Notes - Post-Closing Trial Balance Preview 01:31

Multiple Choice Questions 3 - 30 Multiple Choice Questions Closing Process Preview 08:52

Short Calculation Questions 2 - 400.30 Test question practice problems 400 part Preview 17:52

Discussion Question 50 Closing Process

Explain the closing process.

CPE Review Quiz: Section #7

Comprehensive Problem 16 lectures

Comprehensive Problem Preview 01:27

Excel Download - Example Worksheet Preview 00:05

Excel Download - Practice Worksheet Preview 00:05

1 Accounting%2C Financial - Comp Prob Service Co 1 Part 1 Preview 15:01

2 Accounting%2C Financial - Comp Prob Service Co 1 Part 2 Preview 15:10

3 Accounting%2C Financial - Comp Prob Service Co 1 Part 3 Preview 15:20

4 Accounting%2C Financial - Comp Prob Service Co 1 Part 4 Preview 22:13

5 Accounting%2C Financial - Comp Prob Service Co 1 Adjusting Entries part 5 Preview 15:02

6 Comp Prob Service Co 1 Adjusting Entries part 6 Preview 20:05

7 Accounting%2C Financial - Comp Prob Service Co 1 Financial Statements part 7 Preview 15:01

8 Accounting%2C Financial - Comp Prob Service Co 1 Financial Statements part 8 Preview 16:39

9 Accounting%2C Financial - Comp Prob Service Co 1 Closing Process Part 9 Preview 10:02

10 Comp Prob Service Co 1 Closing Process part 10 Preview 10:40

Multiple Choice Questions 4 - 40 Multiple Choice Questions Closing Process Preview 10:43

Discussion Question 60 Closing Process

Describe a post closing trial balance.

CPE Review Quiz: Section #8

CPE Qualified Assessment 1 lectures

CPE Qualified Assessment