Enroll Course: https://www.coursera.org/learn/accounting-cycle
As any accounting student knows, understanding the accounting cycle is fundamental. It’s the backbone of financial reporting, and truly grasping its intricacies can make all the difference between confusion and clarity. Recently, I completed Coursera’s ‘Completing the Accounting Cycle’ course, and I can confidently say it’s an excellent resource for anyone looking to solidify their knowledge in this critical area.
The course picks up where previous ones likely left off, diving deep into the crucial year-end accounting processes. The syllabus is logically structured, guiding students through each stage with precision. We started with ‘Adjusting Entries & Adjusted Trial Balance,’ a module that meticulously explains when and why adjusting entries are necessary, covering the four major categories. The hands-on activity of recording journal entries and preparing an adjusted trial balance was particularly beneficial for reinforcing these concepts.
Next, the course introduced ‘The Worksheet.’ While not a direct step in the cycle itself, understanding the 10-column worksheet is an invaluable tool for organizing financial data and ensuring accuracy. This module provided a clear walkthrough of its creation, seamlessly integrating the knowledge gained from the previous section.
‘Creating & Analyzing Financial Statements’ is where the rubber meets the road. This module focuses on step 7 of the accounting cycle – preparing the core financial statements: the income statement, retained earnings statement, and balance sheet. The detailed explanations and examples made it easy to understand how to translate trial balance data into these vital reports.
Finally, ‘Closing Entries & The Post-Closing Trial Balance’ brought everything together. This module covered the procedure for recording the four closing entries and the preparation of the post-closing trial balance, effectively completing the cycle and preparing for the new fiscal year. The emphasis on the adjustment to retained earnings was especially helpful.
Overall, ‘Completing the Accounting Cycle’ is a well-designed course that provides a comprehensive and practical understanding of the final stages of accounting. The instructors clearly explain complex topics, and the exercises allow for practical application. If you’re looking to master the accounting cycle and build a strong foundation in financial reporting, I highly recommend this Coursera course.
Enroll Course: https://www.coursera.org/learn/accounting-cycle