vcc.ca
LERN 1720: Closing Procedures and Financial
Effective date
January 2021
Department
LERN UGotClass
School
Continuing Studies
Description
This course shows you how to create a worksheet used to adjust the account balances and prepare the financial statements. Use your financial statements to measure performance, make improvements and set goals. The final step covered in this course is closing your books and preparing them for the next accounting period; this is done by journalizing and posting closing entries.
This course is offered in partnership with Learning Education Resource Network - UGotClass. For more information see http://yougotclass.org/index.cfm/VCC
Credits
0.0
Year of study
General Interest
Prerequisites
None
Corequisites
None
Course Learning Outcomes
Upon successful completion of this course, students will be able to:
- Prepare a worksheet used for accumulating and sorting information needed for the financial statements.
- Prepare and Income Statement
- Prepare a Balance Sheet
- Prepare a Statement of Changes in Owner’s Equity
- Post closing entries for the accounting period
Prior Learning Assessment & Recognition (PLAR)
None
Hours
Lecture, Online, Seminar, Tutorial: 16
Total Hours: 16
Total Hours: 16
Instructional Strategies
Grading System
Satisfactory/Unsatisfactory
Passing grade
S - based on:1. Make at least one comment every week in the discussion.
Evaluation Plan
None
Course topics
- Prepare a Worksheet What is a worksheet Columns included in the worksheet Completing each column
- The Income Statement · Review the worksheet columns for the Income Statement · Prepare the income statement · Determine a profit or loss
- The Balance Sheet · Review the worksheet columns for the Balance Sheet · Prepare the balance sheet
- Closing Entries and Statement of Changes in Owner’s Equity · Prepare post-closing entries for revenue and expense accounts · Prepare a statement of changes in owner’s equity · Applying year-end steps monthly or quarterly
Notes:
- Course contents and descriptions, offerings and schedules are subject to change without notice.
- Students are required to follow all College policies including ones that govern their educational experience at VCC. Policies are available on the VCC website at:
https://www.vcc.ca/about/governance--policies/policies/. - To find out if there are existing transfer agreements for this course, visit the BC Transfer Guide at https://www.bctransferguide.ca.