Closing Procedures and Financial Statements

Course Overview

This course shows participants how to create a worksheet used to adjust the account balances and prepare the financial statements. Use the financial statements to measure performance, make improvements and set goals. The final step covered in this course is closing the books and preparing them for the next account period; this is done by journalizing and posting closing entries.

Course Outcomes

Upon successful completion of this course, participants will be able to:

• Prepare a worksheet used for accumulating and sorting information needed for the financial statements
• Prepare an Income Statement
• Prepare a Balance Sheet
• Prepare a statement of Changes in Owner's Equity
• Post closing entries for the accounting period

Course Objectives

• Participants will be able to prepare a worksheet that shows the unadjusted trial balance, adjustments, adjusted trial balance, and columns for financial statements
• Participants will learn how to use the worksheet to prepare the Income Statement and the Balance Sheet
• Participants will be able to prepare and post-closing entries so that the books are ready for the next accounting cycle