Financial Accounting - Closing Process | Accounting Instruction | Skillshare

# Financial Accounting - Closing Process

#### Accounting Instruction, Accounting Instruction, Help, & How To

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18 Videos (2h 46m)
• 5 300 Accounting Cycle Steps in the Accounting Process (1)

10:02
• 10 100

11:08
• 20 400 Closing Process Explained

7:20
• 23 Post Closing Trial Balance

4:05
• 25 One Step Closing Process

11:50
• 28 Two Step Closing Process

10:54
• 30 400 Closing Process Step 1 of 4 Journal Entry 1 of 4

3:52
• 40 400 Closing Step 2 of 4 Journal Entry 2 of 4

5:49
• 50 400 Closing Entries Journal Entry 3 of 4 Step 3 Income summary

5:30
• 60 400 Closing Process Step 4 of 4 Closing Journal Entry Draws or Withdraws

7:26
• 70 Post Closing Trial Balance & financial statements

6:22
• 10 Discussion Question Closing Process

4:26
• 20 Discussion Question Closing Process

4:15
• 30 Discussion Question Closing Process

5:26
• 10 Multiple Choice Questions Closing Process

11:21
• 20 Multiple Choice Closing Process

7:33
• 400

30:40
• 400

17:52

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.

•    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.

It will be great.

54

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