Preparing Financial Statements and Closing Accounts

Anyone either serving in an accounting role, or who just wants to have a working understanding of the accounting and bookkeeping functions


Expected Duration
27 minutes

Once transactions have been recorded, and posted to ledgers, and the trial balance is conducted and adjustments have been made, the next steps in the accounting cycle are to prepare financial statements and close the accounts. In this course, you’ll explore the components of each of the three financial statements – the income statement, the balance sheet, and the cash flow statement – and learn how to prepare them. You’ll also learn how to close accounts, as the final step in the accounting cycle.


Preparing Statements and Closing Accounts

  • match financial statements to their descriptions
  • recognize examples of the components of the income statement
  • sequence the steps of income statement calculations
  • match the components of the balance sheet to their descriptions
  • sequence the steps of preparing a balance sheet
  • match each component of the cash flow statement to its description
  • sequence the steps for preparing a cash flow statement
  • sequence the steps for closing accounts





Multi-license discounts available for Annual and Monthly subscriptions.