Financial Accounting Closing Process (Udemy.com)

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

Created by: Robert (Bob) Steele

Produced in 2019

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What you will 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

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Quality Score

Content Quality
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Video Quality
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Qualified Instructor
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Course Pace
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Course Depth & Coverage
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Overall Score : 86 / 100

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Course Description

The financial accounting closing process is the final step in

the accounting cycle. We will learn why the closing process in needed and be

able to perform the closing process multiple ways.

In addition to instructional

video, this course will include downloadable

Downloadable

PDF Files

Excel

Practice Files

Multiple

Choice Practice Questions

Short

Calculation Practice Questions

Discussion

Questions

The PDF files allow us to

download reference information we can use offline and as a guide to help us

work through the material.

Excel practice files will be

preformatted so that we can focus on the adjusting process and learning some of

the basics of Excel, like addition, subtraction, and cell relationships.

Multiple choice example question

helps us improve our test-taking skills by reducing the information into the

size and format of multiple choice questions and discussing how to approach

these questions.

Short calculation questions help

us reduce problems that have some calculation down to a short format that could

be used in multiple choice questions.

Discussion Question will provide

an opportunity to discuss these topics with the instructor and other students,

a process many students find very helpful because it allows us to see the topic

from different viewpoints.

Who will we be learning from?

You will be learning from

somebody who has technical experience in accounting concepts and in accounting

software like QuickBooks, as well as experience teaching and putting together

curriculum.

You will be learning from

somebody who is a:

CPA

Certified Public Accountant

CGMA

Chartered Global Management Accountant

Master of

Science in Taxation

CPS

Certifies Post-Secondary Instructor

Curriculum

Development Export

As a practicing CPA the

instructor has worked with many technical accounting issues and helped work

through them and discuss them with clients of all levels.

As a CPS and professor, the

instructor has taught many accounting classes and worked with many students in

the fields of accounting, business, and business applications.

The instructor also has a lot of

experience designing courses and learning how students learn best and how to

help students achieve their objectives. Experience designing technical courses

has also benefit in being able to design a course in a logical fashion and deal

with problems related to technical topics and the use of software like

QuickBooks Pro.

The topic will be the financial

accounting closing process.

As indicated by the title, the closing process takes place at

the end of the accounting cycle. The main event of the accounting cycle is the

financial statements. Once we have completed the financial statements we need

to get ready for the next accounting period, get ready with the closing

process.

The closing process will zero out temporary accounts including income

statement accounts of revenue and expenses and the draws or dividends account.

We can perform the closing process multiple ways. We will

consider the closing process from three perspectives. Each perspective has pros

and cons and the repetition of each method as well as performing the closing

process from multiple angles will provide a solid understanding of the concepts.

Understanding the closing process helps understand the concept

of temporary accounts and permanent accounts, which helps us understand the relationship

of the financial statements and how to read them.

Please join us for Financial Accounting, Adjusting Entries &

Financial Statements.

It will be great.
Who this course is for:
Accounting studentsBusiness ownerAnyone who whats to learn accounting

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Instructor Details

Robert (Bob) Steele

Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.
Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelors Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).
Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.
In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and

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Reviews

4.3

26 total reviews

5 star 4 star 3 star 2 star 1 star
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By Moustafa Bolbol Rezk Shehata Khalefa on 11/10/2020

Very good

By Kyle Coleman on 11/5/2020

I appreciate the repetition to drive home key takeaways and easy-to-understand walkthroughs of complex topics. Thank you!

By Syed Bukhari on 9/20/2020

Amazing experience of closing process

By Sathish Babu on 9/5/2020

This was a good course

By Nicole Jones on 8/3/2020

While I'm sure he's quite knowledgeable, Bob reminds me of Ben Stein's, "Buller... Buller...". He's too monotone. Also, he repeats himself WAY too much making it hard to stay awake.

By Mohit Kumar on 7/22/2020

Good for beginners!

By Madhusudan Mondal on 7/20/2020

very helpfull

By Omoniyi Tolulope on 7/11/2020

The lecture so far has been a eye opener

By Monika Milad Samir on 7/10/2020

I studied before journal entries and income, equity, and balance sheet, so I think this information is good to increase my knowledge.

By Sagar Mandal on 7/6/2020

Gd

By Ebenezer Asante-Boadu on 6/27/2020

Good experience

By Harold C Abas on 6/15/2020

This is very helpful!