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Andrea Eliassen
Students prepare statements relevant to year end accounting processes synthesizing what they have learned in the previous two courses. Specific topics include adjusting entries, closing entries (with a focus on the adjustment to retained earnings), the preparation of an income statement, retained earnings statement, and a balance sheet, and the procedure for recording the four closing entries. Students will also learn how to prepare the post-closing trial balance.
Register for this course and see more details by visiting:
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What's inside
Syllabus
Adjusting Entries & Adjusted Trial Balance
Welcome to the first module of the course! We begin this course at the fifth step of the accounting cycle "Record and Post Adjusting Entries". We will begin by discussing when adjusting entries are required, including a review of the four major categories of adjusting entries. In the module activity you will have the opportunity to record your own adjusting journal entries and prepare an adjusted trial balance.
Read more
Syllabus
Adjusting Entries & Adjusted Trial Balance
Welcome to the first module of the course! We begin this course at the fifth step of the accounting cycle "Record and Post Adjusting Entries". We will begin by discussing when adjusting entries are required, including a review of the four major categories of adjusting entries. In the module activity you will have the opportunity to record your own adjusting journal entries and prepare an adjusted trial balance.
Read more
The Worksheet
Welcome to the second module of the course! In this module we take a quick break from the steps of the accounting cycle to introduce a new tool called the worksheet. By the end of this module, you will be able to create a 10 column worksheet on your own while applying your knowledge of adjusting entries from Module 1
Creating & Analyzing Financial Statements
Welcome to Module 3! In this module we return to the accounting cycle with a singular focus on step 7 "Prepare Financial Statements". By the end of this module you will be able to prepare an income statement, a retained earnings statement, and a balance sheet.
Closing Entries & The Post-Closing Trial Balance
Welcome to the fourth and final module of the course. In this module we complete the final three steps in the accounting cycle. We will start by reviewing the procedure for recording the four closing entries. Then, we will walkthrough the steps of preparing the post-closing trial balance. This brings us to the final step of the accounting cycle, starting the new fiscal year!
Good to know
Good to know
Know what's good ,
what to watch for , and
possible dealbreakers
Develops skills in recording and posting adjusting entries, preparing an adjusted trial balance, creating financial statements, and more
Strengthens foundational knowledge of accounting principles for learners in business and related fields
Provides learners with a comprehensive overview and coverage in closing accounting processes and their significance in the accounting cycle
Facilitates the understanding of how adjusting entries impact financial statements
Requires learners to actively participate in recording adjusting journal entries and preparing financial statements
Assumes learners have a basic understanding of accounting principles and practices
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Reviews summary
Completing the accounting cycle proficiency
Learners say this is a well-received accounting course that provides a clear picture of completing the accounting cycle. The engaging assignments use Excel and provide a strong review of basic accounting concepts. While learners largely praise the helpful videos led by a knowledgeable instructor, they do note errors in the difficult quizzes that cause frustration.
Instructor makes the concepts clear.
"The Instructor was very easy to understand and very helpful with the quiz."
"The information was easy to follow and understand."
"Far too many errors in the marked tests... Presentation and delivery by the instructor however was really good."
Interactive Excel assignments help reinforce learning.
"Very good course, especially the practice exercises on Excel, it really helps learning!"
"The content creator breaks down each cycle down into small, easy to grasp steps. The subsequent quiz and short assignment ensures that you've truly grasped the concept."
"The course content was very insightful."
Multiple quizzes contain errors.
"Excellent classes except tough exam."
"The practice quiz and graded quiz sections were poorly prepared. There were a lot of incorrect answers."
"COURSE DOES A GOOD JOB GIVING THE BASICS... ONLY ISSUE I HAVE... IS THAT THERE ARE ERRORS IN THE GRADED QUIZZES."
Activities
Be better prepared
before
your course. Deepen your understanding
during
and
after
it. Supplement your coursework and achieve mastery of the topics covered
in Completing the Accounting Cycle with these
activities:
Review Accounting Principles
Show steps
Refreshing knowledge of accounting principles provides a strong foundation for understanding the course material.
Browse courses on
Accounting Principles
Show steps
-
Review textbooks or online resources on accounting principles.
-
Focus on topics such as the accounting equation, accrual principles, and financial statement analysis.
-
Take practice quizzes or complete exercises to test understanding.
Review the Book: Intermediate Accounting
Show steps
Reviewing this book provides a comprehensive understanding of financial statement analysis and disclosure requirements.
Show steps
-
Read Chapter 12: Adjusting the Accounts.
-
Read Chapter 13: Completing the Accounting Cycle.
-
Complete the exercises at the end of each chapter.
Find a Peer Mentor
Show steps
Connecting with a peer mentor provides opportunities for support, collaboration, and knowledge sharing.
Show steps
-
Identify a student who is excelling in the course.
-
Introduce yourself and ask for their support as a mentor.
-
Meet regularly to discuss course material and assignments.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Review Class Notes and Quizzes
Show steps
Reviewing class materials reinforces understanding of concepts and provides additional opportunities for practice.
Show steps
-
Gather class notes, quizzes, and any other relevant materials.
-
Review the materials thoroughly.
-
Identify any areas where further understanding is needed.
Practice Adjusting Entries
Show steps
Practice recording adjusting entries to improve accuracy and understanding of their impact on financial statements.
Show steps
-
Review the four categories of adjusting entries.
-
Identify the accounts affected by each type of adjusting entry.
-
Calculate the amounts of the adjustments.
-
Record the adjusting entries in the general journal.
-
Prepare an adjusted trial balance.
Create a Worksheet Template
Show steps
Creating a worksheet template facilitates the preparation of financial statements and improves understanding of their interrelationships.
Browse courses on
Worksheet
Show steps
-
Design a worksheet with appropriate columns and sections.
-
Label each column and section clearly.
-
Include formulas for calculating balances and totals.
Follow Tutorials on Closing Entries
Show steps
Following tutorials provides step-by-step guidance on recording closing entries, ensuring accuracy and comprehension.
Browse courses on
Closing Entries
Show steps
-
Search for online tutorials on closing entries.
-
Select a reputable tutorial and follow the instructions.
-
Take notes and ask questions as needed.
Practice Preparing Financial Statements
Show steps
Practicing the preparation of financial statements reinforces their structure and improves understanding of their interrelationships.
Browse courses on
Financial Statements
Show steps
-
Gather the necessary data, such as trial balance and adjusting entries.
-
Prepare an income statement.
-
Prepare a retained earnings statement.
-
Prepare a balance sheet.
Review Accounting Principles
Show steps
Refreshing knowledge of accounting principles provides a strong foundation for understanding the course material.
Browse courses on
Accounting Principles
Show steps
Show steps
Show steps
- Review textbooks or online resources on accounting principles.
- Focus on topics such as the accounting equation, accrual principles, and financial statement analysis.
- Take practice quizzes or complete exercises to test understanding.
Review the Book: Intermediate Accounting
Show steps
Reviewing this book provides a comprehensive understanding of financial statement analysis and disclosure requirements.
Show steps
Show steps
Show steps
- Read Chapter 12: Adjusting the Accounts.
- Read Chapter 13: Completing the Accounting Cycle.
- Complete the exercises at the end of each chapter.
Find a Peer Mentor
Show steps
Connecting with a peer mentor provides opportunities for support, collaboration, and knowledge sharing.
Show steps
Show steps
Show steps
- Identify a student who is excelling in the course.
- Introduce yourself and ask for their support as a mentor.
- Meet regularly to discuss course material and assignments.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Review Class Notes and Quizzes
Show steps
Reviewing class materials reinforces understanding of concepts and provides additional opportunities for practice.
Show steps
Show steps
Show steps
- Gather class notes, quizzes, and any other relevant materials.
- Review the materials thoroughly.
- Identify any areas where further understanding is needed.
Practice Adjusting Entries
Show steps
Practice recording adjusting entries to improve accuracy and understanding of their impact on financial statements.
Show steps
Show steps
Show steps
- Review the four categories of adjusting entries.
- Identify the accounts affected by each type of adjusting entry.
- Calculate the amounts of the adjustments.
- Record the adjusting entries in the general journal.
- Prepare an adjusted trial balance.
Create a Worksheet Template
Show steps
Creating a worksheet template facilitates the preparation of financial statements and improves understanding of their interrelationships.
Browse courses on
Worksheet
Show steps
Show steps
Show steps
- Design a worksheet with appropriate columns and sections.
- Label each column and section clearly.
- Include formulas for calculating balances and totals.
Follow Tutorials on Closing Entries
Show steps
Following tutorials provides step-by-step guidance on recording closing entries, ensuring accuracy and comprehension.
Browse courses on
Closing Entries
Show steps
Show steps
Show steps
- Search for online tutorials on closing entries.
- Select a reputable tutorial and follow the instructions.
- Take notes and ask questions as needed.
Practice Preparing Financial Statements
Show steps
Practicing the preparation of financial statements reinforces their structure and improves understanding of their interrelationships.
Browse courses on
Financial Statements
Show steps
Show steps
Show steps
- Gather the necessary data, such as trial balance and adjusting entries.
- Prepare an income statement.
- Prepare a retained earnings statement.
- Prepare a balance sheet.
Career center
Learners who complete Completing the Accounting Cycle will develop knowledge and skills
that may be useful to these careers:
Management Consultant
Management Consultant
Management Consultants are responsible for advising businesses on how to improve their operations. This course will help you develop the skills you need to understand and analyze financial data, which is an essential skill for Management Consultants. The course will cover the accounting cycle, including adjusting and closing entries, as well as the preparation of financial statements.
Financial Analyst
Financial Analyst
Financial Analysts are responsible for analyzing financial data to make recommendations about investments and other financial decisions. This course will help you develop the skills you need to understand financial statements and make sound investment decisions, which is an essential skill for Financial Analysts. The course will cover the accounting cycle, including adjusting and closing entries, as well as the preparation of financial statements.
Investment Banker
Investment Banker
Investment Bankers are responsible for advising companies on financial transactions such as mergers and acquisitions. This course will help you develop the skills you need to understand financial statements and make sound investment decisions, which is an essential skill for Investment Bankers. The course will cover the accounting cycle, including adjusting and closing entries, as well as the preparation of financial statements.
Auditor
Auditor
Auditors are responsible for examining financial records and documents to ensure that they are accurate and compliant with regulations. This course will help you develop the skills you need to identify and correct accounting errors, which is an essential skill for Auditors. The course will cover the accounting cycle, including adjusting and closing entries, as well as the preparation of financial statements.
Tax Accountant
Tax Accountant
Tax Accountants are responsible for preparing and filing tax returns for individuals and businesses. This course will help you develop the skills you need to understand tax laws and regulations, which is an essential skill for Tax Accountants. The course will cover the accounting cycle, including adjusting and closing entries, as well as the preparation of financial statements. Additionally, the course will cover the basics of tax accounting.
Accountant
Accountant
Accountants are responsible for producing financial statements that are used for decision-making by investors, managers, and government agencies. This course will help you develop the skills you need to prepare accurate and reliable financial statements, which is an essential skill for Accountants. The course will cover the accounting cycle, including adjusting and closing entries, as well as the preparation of financial statements.
Budget Analyst
Budget Analyst
Budget Analysts are responsible for developing and managing budgets for government agencies and businesses. This course will help you develop the skills you need to understand and analyze financial data, which is an essential skill for Budget Analysts. The course will cover the accounting cycle, including adjusting and closing entries, as well as the preparation of financial statements.
Forensic Accountant
Forensic Accountant
Forensic Accountants are responsible for investigating financial fraud and other financial crimes. This course will help you develop the skills you need to identify and investigate financial fraud, which is an essential skill for Forensic Accountants. The course will cover the accounting cycle, including adjusting and closing entries, as well as the preparation of financial statements.
Cost Accountant
Cost Accountant
Cost Accountants are responsible for analyzing and controlling costs for businesses. This course will help you develop the skills you need to understand and analyze financial data, which is an essential skill for Cost Accountants. The course will cover the accounting cycle, including adjusting and closing entries, as well as the preparation of financial statements.
Controller
Controller
Controllers are responsible for overseeing the accounting and financial reporting functions of a company. This course will help you develop the skills you need to manage a team of accountants and ensure that the company's financial records are accurate and compliant with regulations. The course will cover the accounting cycle, including adjusting and closing entries, as well as the preparation of financial statements.
Personal Financial Advisor
Personal Financial Advisor
Personal Financial Advisors are responsible for advising individuals on financial planning and investments. This course will help you develop the skills you need to understand financial statements and make sound investment decisions, which is an essential skill for Personal Financial Advisors. The course will cover the accounting cycle, including adjusting and closing entries, as well as the preparation of financial statements.
Chief Financial Officer
Chief Financial Officer
Chief Financial Officers (CFOs) are responsible for overseeing the financial operations of a company. This course will help you develop the skills you need to manage a company's finances and make sound financial decisions. The course will cover the accounting cycle, including adjusting and closing entries, as well as the preparation of financial statements.
Government Accountant
Government Accountant
Government Accountants are responsible for managing the financial operations of government agencies. This course will help you develop the skills you need to understand and comply with government accounting regulations, which is an essential skill for Government Accountants. The course will cover the accounting cycle, including adjusting and closing entries, as well as the preparation of financial statements.
Nonprofit Accountant
Nonprofit Accountant
Nonprofit Accountants are responsible for managing the financial operations of nonprofit organizations. This course will help you develop the skills you need to understand and comply with nonprofit accounting regulations, which is an essential skill for Nonprofit Accountants. The course will cover the accounting cycle, including adjusting and closing entries, as well as the preparation of financial statements.
Real Estate Accountant
Real Estate Accountant
Real Estate Accountants are responsible for managing the financial operations of real estate companies. This course will help you develop the skills you need to understand and comply with real estate accounting regulations, which is an essential skill for Real Estate Accountants. The course will cover the accounting cycle, including adjusting and closing entries, as well as the preparation of financial statements.
For more career information including salaries, visit:
OpenCourser.com/course/d13h25/completing
Reading list
We've selected nine books
that we think will supplement your
learning. Use these to
develop background knowledge, enrich your coursework, and gain a
deeper understanding of the topics covered in
Completing the Accounting Cycle.
Accounting Principles provides a comprehensive overview of accounting principles and practices. It valuable resource for students who want to learn more about the accounting cycle and how to prepare financial statements.
Financial Accounting provides a comprehensive overview of accounting principles and practices. It valuable resource for students who want to learn more about the accounting cycle and how to prepare financial statements.
The Accounting Cycle provides a comprehensive overview of the accounting cycle. It valuable resource for students who want to learn more about the accounting cycle and how to prepare financial statements.
Accounting Information Systems provides a comprehensive overview of accounting information systems. It valuable resource for students who want to learn more about the accounting cycle and how to prepare financial statements.
The Complete Idiot's Guide to Accounting provides a comprehensive overview of accounting principles. It valuable resource for students who want to learn more about the accounting cycle and how to prepare financial statements.
Cost Accounting provides a comprehensive overview of cost accounting principles. It valuable resource for students who want to learn more about the accounting cycle and how to prepare financial statements.
Auditing and Assurance Services provides a comprehensive overview of auditing and assurance services. It valuable resource for students who want to learn more about the accounting cycle and how to prepare financial statements.
Accounting and Finance for Non-Financial Managers provides a comprehensive overview of accounting and finance principles. It valuable resource for students who want to learn more about the accounting cycle and how to prepare financial statements.
Financial Management provides a comprehensive overview of financial management principles. It valuable resource for students who want to learn more about the accounting cycle and how to prepare financial statements.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/d13h25/completing
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Via
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Institution
University of California, Irvine
Instructor
Andrea Eliassen
Language
English
Transcripts
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This course belongs to a
collection
called
Introduction to Financial Accounting: The Accounting Cycle. It's comprised of three courses:
- Completing the Accounting Cycle (viewing)
- What is Financial Accounting?
- Recording in Journals & Posting in Ledgers
Good to know
Develops skills in recording and posting adjusting entries, preparing an adjusted trial balance, creating financial statements, and more
Strengthens foundational knowledge of accounting principles for learners in business and related fields
Provides learners with a comprehensive overview and coverage in closing accounting processes and their significance in the accounting cycle
Facilitates the understanding of how adjusting entries impact financial statements
Requires learners to actively participate in recording adjusting journal entries and preparing financial statements
Assumes learners have a basic understanding of accounting principles and practices
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