Completing the Accounting Cycle

Go to Course: https://www.coursera.org/learn/accounting-cycle

Introduction

### Course Review and Recommendation: Completing the Accounting Cycle on Coursera If you're looking to deepen your understanding of accounting and master the year-end accounting processes, *Completing the Accounting Cycle* offered on Coursera is an excellent choice. This course is designed for learners who have already grasped foundational accounting concepts and are ready to apply that knowledge in a real-world context. #### Course Overview The main objective of *Completing the Accounting Cycle* is to synthesize what students have learned in previous accounting courses by focusing on essential year-end procedures. Throughout the course, participants will dive into crucial topics such as adjusting entries, closing entries, and the preparation of key financial statements. By the end of the course, you’ll have a comprehensive understanding of the entire accounting cycle, concluding with the creation of a post-closing trial balance. #### Detailed Syllabus **Module 1: Adjusting Entries & Adjusted Trial Balance** In the first module, the course kicks off with the essential step of recording and posting adjusting entries. You will learn when these entries are necessary and explore the four major categories of adjustments. This foundational knowledge sets the stage for practical application, as you'll actively engage in recording your own adjusting journal entries and preparing an adjusted trial balance. This hands-on experience is vital for cementing your understanding of the concepts. **Module 2: The Worksheet** The second module introduces an invaluable tool: the worksheet. Here, you will learn to create a comprehensive 10-column worksheet, applying the knowledge you've gained from the previous module. This step not only helps in organizing financial information but also enhances your ability to analyze and interpret data effectively. **Module 3: Creating & Analyzing Financial Statements** Returning to the accounting cycle, the third module focuses on preparing crucial financial statements, including the income statement, retained earnings statement, and balance sheet. By the end of this module, you’ll have the practical skills necessary to compile these statements, a task that is integral to any accountant's role. **Module 4: Closing Entries & The Post-Closing Trial Balance** In the final module, you’ll complete the accounting cycle by learning about the closing entries and how to prepare the post-closing trial balance. This module is critical because it encapsulates the entire process of closing out the fiscal year and preparing for the next one, reinforcing everything you've learned throughout the course. #### Why I Recommend This Course Completing this course is not just about ticking a box on your educational journey; it’s about equipping yourself with practical skills for your accounting career. The structured syllabus guides you step-by-step, ensuring a solid foundation before moving to more complex topics. The interactive components, such as journal entries and worksheets, offer a hands-on learning experience that is invaluable in the accounting field. Whether you're a student preparing for a career in accounting, a professional looking to refresh your skills, or someone interested in managing your own business finances, this course provides the knowledge and practical experience you need. Moreover, the accessibility of Coursera means you can learn at your own pace, which is perfect for busy professionals or students. The course also offers a wealth of resources and support from experienced instructors, making it a comprehensive educational experience. #### Conclusion In conclusion, *Completing the Accounting Cycle* on Coursera is a well-structured and informative course that I highly recommend. It not only bolsters your understanding of accounting processes but also prepares you practically for real-world applications. Invest in your future in accounting by taking this course; you won't regret it!

Syllabus

Adjusting Entries & Adjusted 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.

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

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.

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!