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Accounting – Closing Process – Practice Test Questions

Test taking skill for closing process-Multiple choice questions, short calculation questions, & essay questions.
(3 reviews)
382 students
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Platform: Udemy
Video: 2h 5m
Language: English
Next start: On Demand

Table of contents


This course will provide only practicequestions, so learners can practice test taking. Our course entitled “FinancialAccounting – Closing Process” will also include practice problems,presentations, and discussion questions.
The financial accounting closing process is the final step inthe accounting cycle. We will learn why the closing process in needed and beable to perform the closing process multiple ways.
Who will we be learning from?
You will be learning fromsomebody who has technical experience in accounting concepts and in accountingsoftware like QuickBooks, as well as experience teaching and putting togethercurriculum.
You will be learning fromsomebody who is a:
•    CPA –Certified Public Accountant
•    CGMA –Chartered Global Management Accountant
•    Master ofScience in Taxation
•    CPS –Certifies Post-Secondary Instructor
•    CurriculumDevelopment Export
As a practicing CPA theinstructor has worked with many technical accounting issues and helped workthrough them and discuss them with clients of all levels.
As a CPS and professor, theinstructor has taught many accounting classes and worked with many students inthe fields of accounting, business, and business applications.
The instructor also has a lot ofexperience designing courses and learning how students learn best and how tohelp students achieve their objectives. Experience designing technical courseshas also benefit in being able to design a course in a logical fashion and dealwith problems related to technical topics and the use of software likeQuickBooks Pro.
The topic will be the financialaccounting closing process.
As indicated by the title, theclosing process takes place at the end of the accounting cycle. The main eventof the accounting cycle is the financial statements. Once we have completed thefinancial statements we need to get ready for the next accounting period, getready with the closing process.
The closing process will zero outtemporary accounts including income statement accounts of revenue and expensesand the draws or dividends account.
We can perform the closingprocess multiple ways. We will consider the closing process from threeperspectives. Each perspective has pros and cons and the repetition of eachmethod as well as performing the closing process from multiple angles willprovide a solid understanding of the concepts.
Understanding the closing processhelps understand the concept of temporary accounts and permanent accounts,which helps us understand the relationship of the financial statements and howto read them.
Please join us for FinancialAccounting, Adjusting Entries & Financial Statements.
It will be great.

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


• Basic understanding of accounting concepts and debits and credits.

This course is for

• Accounting students
• Business owner
• Anyone who whats to learn accounting
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.
Browse all courses by on Coursemarks.
Platform: Udemy
Video: 2h 5m
Language: English
Next start: On Demand

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