This comprehensive course covers the fundamental concepts and processes of adjusting entries, posting them to a worksheet, creating financial statements from an adjusted trial balance, and understanding reversing entries.
The adjusting entry process is often misunderstood, as it is commonly assumed to be a means of correcting accounting errors. However, adjusting entries are an integral part of the accounting cycle and are built into the accounting system. They help us recognize revenue and expenses based on accrual concepts and timing differences.
In this course, we will learn to enter adjusting entries as of the end of the accounting period. These entries have both balance sheet and income statement components. Once the adjusting entries are complete, we will use the adjusted trial balance to generate financial statements, including the balance sheet, income statement, and statement of equity.
To enhance your learning experience, this course provides valuable resources, including downloadable PDF files, Excel practice files, multiple-choice practice questions, short calculation practice questions, and discussion questions. These resources will supplement your understanding and allow for practical application.
Your instructor for this course is a Certified Public Accountant (CPA) and Chartered Global Management Accountant (CGMA) with extensive technical accounting experience. He has a Master’s degree in Taxation and is a certified post-secondary instructor (CPS) with expertise in curriculum development. You will benefit from his practical insights and instructional expertise.
Topics covered in this course include the adjusting process, posting adjusting entries to a worksheet, financial statement creation, and reversing entries. We will explore the components of the worksheet and understand how adjusting entries impact accrual accounting.
By the end of this course, you will be able to effectively navigate the accounting cycle, identify the different categories of adjusting entries, create financial statements from an adjusted trial balance, and understand the relationship between the balance sheet, income statement, and statement of equity.
Join us on this learning journey as we delve into Financial Accounting, Adjusting Entries & Financial Statements. Get ready for an engaging and educational experience. Don’t miss out on this opportunity for continuing professional education (CPE).