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This course describes the annual closing process, including its place in the accounting cycle. Examples of closing the accounting cycle and the primary closing journal entries are presented along with the underlying reason they are necessary. 

A comparison of the Statement of Retained Earnings and the closing process will be presented to help tie together the student’s knowledge of this important step in the accounting cycle.

Course Series

This course is included in the following series:

11 CoursesBack to the Basics: Accounting Fundamentals

  1. Accounting Review: The Basics of Debits and Credits
  2. Transaction Analysis, T-Accounts, Debits and Credits, and Trial Balances
  3. Accounting Review: Overview of Financial Statements; P&L, Balance Sheet, and Cash Flow
  4. The Accounting Equation and Financial Statements
  5. Bank Reconciliations, Cash, and Internal Controls
  6. Accounts Receivable Training: Bad Debts
  7. Equipment and Depreciation
  8. Inventory Costing
  9. Purchase and Sale of Inventory
  10. The Adjusting Process
  11. The Closing Process

Learning Objectives

  • Discover the reason to perform closing journal entries and identify how they fit in the accounting cycle
  • Recognize how to prepare the four closing journal entries
  • Identify the closing entries and discover how they compare to the statement of retained earnings
Last updated/reviewed: November 22, 2020

83 Reviews (340 ratings)Reviews

4
Anonymous Author
teacher handwriting was a bit difficult to follow. teacher handwriting was a bit difficult to follow. teacher handwriting was a bit difficult to follow. teacher handwriting was a bit difficult to follow. teacher handwriting was a bit difficult to follow. teacher handwriting was a bit difficult to follow. teacher handwriting was a bit difficult to follow. teacher handwriting was a bit difficult to follow.
4
Member's Profile
Good basic overview of the closing process and related journal entries. Instructor is easy to understand and organized the course well. If you are looking for a more in-depth discussion of the close process I would recommend a different course.
4
Anonymous Author
This course provided a basic presentation of the closing process and journal entries. The instructor showed clear examples of how to close out the financial statements and the reasons you make the entries. Nice beginner course.
4
Anonymous Author
This was a nice overview of the closing process and the adjusting journal entries that accompany it. I appreciated all of the examples he worked through to show us exactly which accounts are affected.
4
Member's Profile
Good refresher on the closing process. I did have a couple of technical issues with the system appropriately tracking my progress which was frustrating. But the class itself is good and very detailed.
4
Member's Profile
Solid course and walkthrough of materials. My mistake on name of course, I thought the topic would be regarding the Monthly Close process taken-coordinated by Accounting Team/Department in a company
3
Anonymous Author
This course is ok and teaches the basics but is very elementary and thus not appropriate for the seasoned professional. Best for someone with little accounting training and book knowledge.
5
Anonymous Author
Very detailed examples but they were easy to follow. Good refresher for the close process and what order to complete tasks in. Helps with overall understanding of accounting principles.
5
Anonymous Author
This course was helpful and a good refresher. The time allotted was sufficient to cover all relevant topics associated with the course. The instructor appears very knowledgeable.
5
Anonymous Author
Excellent course for a beginner accountant or someone that wants a refresher or is having problems with the closing process. I have taken notes to train new members on my team.
5
Anonymous Author
Great course. Lots of exercises so there’s plenty of opportunity to practice. Part of the Back to Basics: Accounting Fundamentals course series which is highly recommended.
5
Member's Profile
Quality course about the close process, it is very basic level information. If you are trying to get more advanced information to obtain your CPEs I would look elsewhere.
3
Member's Profile
This course provides a complete review of the closing process and journal entries with good examples to work with. A good review if you need a refresh on the process.
4
Member's Profile
Good material and overview. The only thing I would have liked is a bit more enthusiasm in the presenter's delivery which sometimes came off as slow and a bit dry.
4
Anonymous Author
I thought that this was a good presentation. the presenter did not just read off the slides. He is an "active" presenter. Good content as well and easy to follow.
4
Anonymous Author
Very helpful. A practical and methodical presentation to the general closing process. Instructor was very thorough and time was allowed to process information.
5
Member's Profile
Very thorough instruction on how to close out the income statement to retained earnings. Used concepts very well to help illustrate the learning objectives.
4
Anonymous Author
I'd prefer for a self study course to have more notes available in a pdf form. Otherwise, good course with a good simple example to get the point across.
5
Member's Profile
Basic reinforcement of the closing cycle process and entries. Great refresher that I needed. Thank you for the clear and concise presentation.
5
Anonymous Author
Excellent review course on the closing process. Would have liked the data for the review questions to be shown in a trial balance format.
4
Member's Profile
The first half is very beginner level. I enjoyed the second half though, which helped connect the dots of how each f/s impacts each other.
5
Member's Profile
This was a very thorough review of the closing process. However, it was a bit simplistic for anyone who has ever done a closing before.
5
Anonymous Author
Very good course to have a complete understanding of the financial statement close process and be able to complete the close process.
4
Anonymous Author
Good beginners or refresher course of the income statement, retained earnings statement and balance sheet and the closing entries.
5
Member's Profile
Great course that shows real world examples of recording transaction to the ledger and producing financial statements from them.
5
Member's Profile
Very informative lesson on the accounting process close as it relates to the journal entries needed to be done at year end.
4
Member's Profile
Good basic overall class of journal entries and closing process with examples from B/S and P&L including the steps involved.
5
Member's Profile
The class was superb!!! Great job and I appreciate the time taken to craft one like this to make the closing process clear.
5
Anonymous Author
helping to understand the steps in the close process and learn about closing entries. most of these are automated now days
5
Anonymous Author
The course, although basic in nature, would be a great tool in explaining the closing process to non-financial executives
4
Anonymous Author
This is a great course for those new to accounting concepts, or for those who have forgotten what they learned in college.
5
Anonymous Author
The course was very detail oriented and had a straight forward layout. I would recommend this class the all accountants.
5
Anonymous Author
Great refresher of closing process. This is an overview that would be especially helpful to beginning accountants.
4
Member's Profile
This lesson is a good basic reminder of accounting principles for staff level accounts and even up to manager.
3
Anonymous Author
This course provides the theory behind the closing process (what you would learn in an an accounting course).
4
Anonymous Author
Slightly more complex material that other intro course. Most software does this for user, but good to know.
5
Member's Profile
good brief overview that refreshed my understanding of the close process and retained Earnings statement
5
Anonymous Author
The Closing Process is a good course. It helps me refreshing my memory of what I learned in college.
4
Member's Profile
The course is very basic but for the intended audience, the class is well organized and presented.
5
Anonymous Author
This was a great review of the closing process. His examples were very easy to follow along with.
3
Anonymous Author
Instructor needs more enthusiasm and to have slides that are better organized to fit the screen.
4
Anonymous Author
This is a good refresher. The speaker is very knowledgeable and the topics are well organized.
2
Member's Profile
Too simple. I learned this as a sophomore in college - not necessary once you are a CPA.
5
Member's Profile
A good review of the closing process. The instructor provided a lot of good insights.
Member's Profile
A course on the basics of closing the financial statements at the end of a period.
5
Member's Profile
Terrific overview of the closing process and perfect for someone new to the process
4
Anonymous Author
Decent overview of the closing process - would recommend as an introduction course.
5
Anonymous Author
The materials presented were very beneficial with superb detail and solid examples.
5
Anonymous Author
Good review of the fundamentals of closing the books. My thanks to the presenter.
4
Anonymous Author
I like the concise illustration with easy-to-understand journal entries examples.
4
Anonymous Author
Nice little course that provided a concise clear overview of the close process.
5
Anonymous Author
good overview of the last stage of the accounting cycle, the closing process.
5
Anonymous Author
Great course regarding the closing process and the closing journal entries.
5
Anonymous Author
Great recap of the close process. Perfect to give anyone a quick refresh.
3
Anonymous Author
This could be an outdated course but it's still good to learn the basics.
4
Anonymous Author
Great course! Nice layout if the closing process with all it’s steps.
4
Member's Profile
Course met its objectives, but was not all that exciting or insightful.
4
Anonymous Author
Very good overview of the topic, somewhat geared for non-practicioners
5
Anonymous Author
Course well developed and presented. Course met its stated objectives.
5
Member's Profile
Great course to have has future reference. Would recommend to others.
5
Anonymous Author
Very engaging lecture, detailed and comprehensive. Would recommend.
5
Anonymous Author
Very Good and Informative Refresher for Accounting Professionals.
5
Anonymous Author
Concise and well presented. The overview was very easy to follow.
5
Anonymous Author
Great introductory course on the overview of the closing process.
5
Anonymous Author
It was a good refresher of the closing process. Easy to follow.
5
Anonymous Author
Well-presented and given in clear, step-by-step instruction.
4
Anonymous Author
This course provided a good overview of the closing process.
5
Member's Profile
This was a great refresher course on the closing process.
5
Anonymous Author
Great course to review the basics of the closing cycle.
5
Anonymous Author
Excellent overview of the steps of the process and why.
4
Anonymous Author
great refresher course or introductory course!
5
Member's Profile
Great course! Very informative and helpful.
4
Anonymous Author
Very well presented and explained.
5
Anonymous Author
nice overview, good instructor!
3
Anonymous Author
Very effective teaching lesson.
5
Anonymous Author
overview of adjusting entries
5
Member's Profile
Very nice review. Thanks!
4
Anonymous Author
knowledgeable course
5
Anonymous Author
straight forward
5
Member's Profile
Good review
4
Member's Profile
Good
5
Member's Profile
na
4
Anonymous Author
ok

Prerequisites

Course Complexity: Foundational

No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .

2 QuestionsCourse Questions and Answers

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Great course. Lots of exercises so there’s plenty of opportunity to practice. Part of Back to Basics: Accounting Fundamentals series which is highly recommended.

Course Syllabus
INTRODUCTION AND OVERVIEW
The Closing Process
  14:13Closing Journal Entries
  6:22Adjusting Journal Entries
  12:56Adjusted Trial Balance
CONCLUSION
  11:44Ending the Closing Process
Continuous Play
  53:13Core Financial Accounting: The Closing Process
SUPPORTING MATERIALS
  PDFNotes Template: The Closing Process
  PDFWorkbook: The Closing Process
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM