ONCE1161 - Closing Procedures and Financial Statements (ONLINE)
Course DescriptionThis course shows you how to create a worksheet used to adjust the account balances and prepare the financial statements. Use your financial statements to measure performance, make improvements and set goals. The final step covered in this course is closing your books and preparing them for the next accounting period; this is done by journalizing and posting closing entries.
Prepare a Worksheet
- What is a worksheet
- Columns included in the worksheet
- Completing each column
The Income Statement
- Review the worksheet columns for the Income Statement
- Prepare the income statement
- Determine a profit or loss
The Balance Sheet
- Review the worksheet columns for the Balance Sheet
- Prepare the balance sheet
Closing Entries and Statement of Changes in Owner’s Equity
- Prepare post-closing entries for revenue and expense accounts
- Prepare a statement of changes in owner’s equity
- Applying year-end steps monthly or quarterly
Upon completion of this course, you will be able to:
- Prepare a worksheet used for accumulating and sorting information needed for the financial statements.
- Prepare and Income Statement
- Prepare a Balance Sheet
- Prepare a Statement of Changes in Owner’s Equity
- Post closing entries for the accounting period
- Students will be able to prepare a worksheet that shows the unadjusted trial balance, adjustments, adjusted trial balance, and columns for financial statements.
- Students will learn how to use the worksheet to prepare the Income Statement and the Balance Sheet.
- will be able to prepare and post-closing entries so that the books are ready for the next accounting cycle.
NotesInstructor: Sharon deFonteny, has a degree in Business Education with a concentration in Accounting and spent many years in Corporate America working in Accounting and Finance. For the past 5 years, she has created and taught online Business courses for Bucks County Community College. Her experience in business, as well as experience in teaching, has allowed her to help people understand the Accounting and Finance process.
The Bookkeeping Certificate courses must be taken in the below order (the classes build off each other):
- Understanding Debits and Credits
- General Ledger and Month End Procedures
- Closing Procedures and Financial Statements
Applies Towards the Following Certificates
- Certificate in Bookkeeping (Online) : Certificate in Bookkeeping (Online)