The Year-End Close

Execute a disciplined year-end close that reduces errors and protects the integrity of your financial statements. This course details the full sequence of fiscal and calendar year-end activities, with focused guidance on receivables, inventory, fixed assets, payables, and payroll. You will also review the additional requirements applicable to publicly held companies. By following a structured closing framework, you can manage risk and deliver accurate, timely year-end reporting.
Format

PDF Course

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Duration

3 Hours

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Course Information

Author: Steven Bragg
Course Number: AC1090

Table of Contents
Chapter 1. The Year-End Close
Chapter 2. Receivables Year-End
Chapter 3. Inventory Year-End
Chapter 4. Fixed Assets Year-End
Chapter 5. Payables Year-End
Chapter 6. Payroll Year-End
Chapter 7. Public Company Year-End
Chapter 8. The Closing Checklist

Learning Objectives
  • Recognize the staffing policies needed to ensure that there are sufficient staff on hand to complete the year-end close.
  • Identify the activities involved in archiving accounting documents.
  • Specify the steps involved in the construction of the annual budget.
  • Identify the contents of the year-end binder.
  • Recognize the situations in which a soft close is more likely to result in financial statement errors.
  • Specify how to verify the reasonableness of the balance in the allowance for doubtful accounts.
  • Recognize the tasks involved in the year-end examination of open jobs.
  • Identify the evaluation criteria stated in the lower of cost or market rule.
  • Specify the methods used to recognize fixed assets reclassified out of the held-for-sale classification, and fixed assets that have been abandoned.
  • Specify the distribution of the Form 1099-MISC, as well as how the form is to be completed.
  • Identify the trigger that causes a change in the experience rating assigned by a government.
  • Recognize the role of EDGARizing in the year-end close.
  • Specify the steps required for the preparation of financial statements.

Level: Overview
Instructional Method: QAS Self-Study
NASBA Category: Accounting
Prerequisites: None
Advance Preparation: None
Latest Review Date: July 2024
Program Registration Requirements: Click on the Enroll button to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.
Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.

AccountingTools, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
The NASBA sponsor identification number for Accountingtools, Inc. is 115881.

AccountingTools is an IRS Approved Continuing Education Provider. We are compliant with the requirements for continuing education providers (as described in sections 10.6 and 10.9 of the Department of Treasury’s Circular No. 230 and in other IRS guidance, forms, and instructions). Our IRS Approved Continuing Education Provider number is 72821.