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Completing the Accounting Cycle

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.

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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.
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Traffic lights

Read about what's good
what should give you pause
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

Comprehensive accounting cycle capstone

According to learners, "Completing the Accounting Cycle" is a highly effective and comprehensive course that serves as a crucial capstone to accounting fundamentals. Students consistently praise its clear and concise explanations, particularly for complex topics like adjusting and closing entries. The course's focus on year-end processes and financial statement preparation is seen as incredibly valuable for both career development and exam preparation. While largely receiving positive feedback, some learners with limited prior accounting experience noted the pace can be challenging for true beginners, suggesting it's best for those with a solid foundational understanding. The practical exercises and module activities are frequently highlighted as excellent for reinforcing concepts.
Strong emphasis on critical year-end accounting procedures.
"The focus on year-end processes was exactly what I needed for my job. It directly applied to my work."
"This course is fantastic for anyone wanting to truly understand the mechanics of year-end accounting."
"It was exactly what I needed to prepare for my accounting exam. The step-by-step guides for financial statements were invaluable."
Activities and demos effectively reinforce learning.
"The practical exercises in each module really solidified my understanding. They were very helpful."
"The module activities were effective in reinforcing the concepts, challenging me just enough to ensure I understood."
"The demos were well-paced and easy to follow. The worksheet module was a lifesaver for visualizing the process."
Successfully brings together all aspects of the accounting cycle.
"This course perfectly tied together the accounting cycle steps! It helped everything click."
"It finally made sense how all the pieces of the accounting cycle fit together for me."
"This is a crucial course for understanding the complete accounting cycle. It brought everything together seamlessly."
Provides exceptionally clear instruction for complex topics.
"The explanations were incredibly clear and concise, making complex topics like adjusting and closing entries easy to grasp."
"The instructor is exceptionally clear, and the exercises are well-designed. This course helped me make sense of accounting."
"The way they explain adjusting and closing entries is superior to other courses I've taken; it truly simplified the concepts."
Presentation can be dry for some learners.
"I found some of the explanations a bit dry and repetitive. While the content is accurate, the delivery could be more engaging."
"The content is there, but the presentation is quite monotonous. I struggled to stay engaged throughout the lectures."
"I found this course somewhat challenging to follow without constant rewinding. The pace was a bit fast at times, especially for a beginner."
Best suited for those with existing accounting foundations.
"Good course, though it assumes you have a strong foundation from the previous courses. If you're new to accounting, you might struggle."
"I came in as a complete beginner expecting to complete the cycle but felt lost very quickly. It seems designed for those who already know a lot."
"This course is definitely for those with some prior accounting knowledge; it's not a true beginner course."

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
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
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
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
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Show all eight activities
Review Class Notes and Quizzes
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
Practice recording adjusting entries to improve accuracy and understanding of their impact on financial statements.
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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
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
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
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.

Career center

Learners who complete Completing the Accounting Cycle will develop knowledge and skills that may be useful to these careers:
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.
See salaries and explore the career path for Accountant
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.
See salaries and explore the career path for Auditor
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.
See salaries and explore the career path for Financial Analyst
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.
See salaries and explore the career path for Tax Accountant
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.
See salaries and explore the career path for Controller
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.
See salaries and explore the career path for Chief Financial Officer
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.
See salaries and explore the career path for Budget Analyst
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.
See salaries and explore the career path for Cost 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.
See salaries and explore the career path for Forensic 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.
See salaries and explore the career path for Government Accountant
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.
See salaries and explore the career path for Investment Banker
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.
See salaries and explore the career path for Management Consultant
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.
See salaries and explore the career path for Nonprofit Accountant
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.
See salaries and explore the career path for Personal Financial Advisor
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.
See salaries and explore the career path for Real Estate Accountant

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.
Cover image
Introduction to Management Accounting, Chap. 1-14
Save
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.
Introduction to Management Accounting, Chap. 1-14
Paperback
Check
Introduction to Management Accounting, Chap. 1-14
Kindle Edition
Check
Fundamentals of Financial Accounting
Save
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.
Fundamentals of Financial Accounting
Paperback
Check
Fundamentals of Financial Accounting
Kindle Edition
Check
Intermediate Accounting
Save
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.
Intermediate Accounting
Paperback
Check
Intermediate Accounting
Kindle Edition
Check
Cover image
Accounting Information Systems, Global Edition
Save
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.
Accounting Information Systems, Global Edition
Paperback
Check
Accounting Information Systems, Global Edition
Kindle Edition
Check
Cover image
The Complete Idiot's Guide to Accounting, 3rd...
Save
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.
The Complete Idiot's Guide to Accounting, 3rd...
Paperback
$$
Cover image
Financial Accounting, eBook, Global Edition
Save
Cost Accounting provides a comprehensive overview of cost accounting principles. It valuable resource for students who want to learn more about the accounting cycle and how to prepare financial statements.
Financial Accounting, eBook, Global Edition
Paperback
Check
Financial Accounting, eBook, Global Edition
Kindle Edition
Check
Cover image
Auditing and Assurance Services, Global Edition
Save
Auditing and Assurance Services provides a comprehensive overview of auditing and assurance services. It valuable resource for students who want to learn more about the accounting cycle and how to prepare financial statements.
Auditing and Assurance Services, Global Edition
Paperback
$$
Auditing and Assurance Services, Global Edition
Paperback
$$$$
Auditing and Assurance Services plus Pearson MyLab...
Paperback
$$$$
Cover image
Accounting: An Introduction, 6/E
Save
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.
Accounting: An Introduction, 6/E
Paperback
Check
Accounting: An Introduction, 6/E
Kindle Edition
Check
Cover image
Essentials of Financial Management
Save
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.
Essentials of Financial Management
Paperback
Check
Essentials of Financial Management
Kindle Edition
Check

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Coursera
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:
  1. Completing the Accounting Cycle (viewing)
  2. What is Financial Accounting?
  3. Recording in Journals & Posting in Ledgers
Traffic lights
Read about what's good
what should give you pause
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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