Completing the Accounting Cycle

Completing the Accounting Cycle

This course is part of Introduction to Financial Accounting: The Accounting Cycle Specialization

Instructor: Andrea Eliassen

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8,503 already enrolled

4 modules

Gain insight into a topic and learn the fundamentals.

151 reviews

1 week to complete

at 10 hours a week

Flexible schedule

Learn at your own pace

4 modules

Gain insight into a topic and learn the fundamentals.

151 reviews

1 week to complete

at 10 hours a week

Flexible schedule

Learn at your own pace

Skills you'll gain

Details to know

Shareable certificate

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Assessments

8 assignments

Taught in English

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This course is part of the Introduction to Financial Accounting: The Accounting Cycle Specialization

When you enroll in this course, you'll also be enrolled in this Specialization.

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There are 4 modules in this course

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.

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.

What's included

4 videos2 readings2 assignments

4 videos Total 15 minutes

Adjusting Entries & Adjusted Trial Balance Part I 8 minutes
Adjusting Entries & Adjusted Trial Balance Part II 4 minutes
Adjusting Entries & Adjusted Trial Balance Part III 2 minutes
Adjusting Entries & Adjusted Trial Balance Walkthrough 2 minutes

2 readings Total 75 minutes

Adjusting Entries & Adjusted Trial Balance Activity 30 minutes
Supplementary Readings 45 minutes

2 assignments Total 60 minutes

Adjusting Entries & Adjusted Trial Balance Assessment 30 minutes
Adjusting Entries & Adjusted Trial Balance Practice Assessment 30 minutes

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

What's included

2 videos2 readings2 assignments

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.

What's included

3 videos2 readings2 assignments

3 videos Total 8 minutes

Creating & Analyzing Financial Statements I 2 minutes
Creating & Analyzing Financial Statements II 3 minutes
Creating & Analyzing Financial Statements Walkthrough 2 minutes

2 readings Total 75 minutes

Creating & Analyzing Financial Statements Activity 30 minutes
Supplementary Readings 45 minutes

2 assignments Total 60 minutes

Creating & Analyzing Financial Statements Assessment 30 minutes
Creating & Analyzing Financial Statements Practice Assessment 30 minutes

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!

What's included

3 videos2 readings2 assignments

3 videos Total 9 minutes

Temporary and Permanent Accounts 3 minutes
Closing Entries & The Post-Closing Trial Balance 4 minutes
Closing Entries & The Post-Closing Trial Balance Walkthrough 2 minutes

2 readings Total 75 minutes

Copy of Creating & Analyzing Financial Statements Activity 30 minutes
Supplementary Readings 45 minutes

2 assignments Total 60 minutes

Closing Entries & The Post-Closing Trial Balance Assessment 30 minutes
Closing Entries & The Post-Closing Trial Balance Practice Assessment 30 minutes

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Instructor

Instructor ratings

(51 ratings)

Andrea Eliassen

University of California, Irvine

3 Courses 29,659 learners

Offered by

University of California, Irvine

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Reviewed on Mar 19, 2023

Very well, but some of the questions in the quiz need to match with the correct answer. Thx

Reviewed on Jan 15, 2023

The information was easy to follow and understand. The number of errors in the quizzes were frustrating, as when the correct answers are selected, the software counts it as incorrect.

Reviewed on Jun 9, 2021

This course was a useful and basic introduction to how accounting works.

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