Google Sheets–Accounting Closing Entries–Example Problems
Description
This course will only provide the Google Sheets practice problems component of our resources, so that learners can review the Google Sheets practice problems material without being distracted by other resources.
Google Sheets is a FREE spreadsheet program very similar to Microsoft Excel. We have uploaded our worksheets to Google Sheets so that more people can access them.
To use Google Sheets, we just need to set up a Google account, which is done by creating a Google e-mail account. The process is fREE.
The financial accounting closing process is the final step in bookkeeping cycle. We will learn why the closing process in needed and be able to perform the closing process multiple ways.
Who will we be learning from?
You will be learning from somebody who has technical experience in accounting concepts and in accounting software like QuickBooks, as well as experience teaching and putting together curriculum.
You will be learning from somebody who is a:
• CPA – Certified Public Accountant
• CGMA – Chartered Global Management Accountant
• Master of Science in Taxation
• CPS – Certifies Post-Secondary Instructor
• Curriculum Development Export
As a practicing CPA the instructor has worked with many technical accounting issues and helped work through them and discuss them with clients of all levels.
As a CPS and professor, the instructor has taught many accounting classes and worked with many students in the fields of accounting, business, and business applications.
The instructor also has a lot of experience designing courses and learning how students learn best and how to help students achieve their objectives. Experience designing technical courses has also benefit in being able to design a course in a logical fashion and deal with problems related to technical topics and the use of software like QuickBooks Pro.
The topic will be the financial accounting closing process.
As indicated by the title, the closing process takes place at the end of the accounting cycle. The main event of the accounting cycle is the financial statements. Once we have completed the financial statements we need to get ready for the next accounting period, get ready with the closing process.
The closing process will zero out temporary accounts including income statement accounts of revenue and expenses and the draws or dividends account.
We can perform the closing process multiple ways. We will consider the closing process from three perspectives. Each perspective has pros and cons and the repetition of each method as well as performing the closing process from multiple angles will provide a solid understanding of the concepts.
Understanding the closing process helps understand the concept of temporary accounts and permanent accounts, which helps us understand the relationship of the financial statements and how to read them.
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