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Completing the Accounting Cycle

Accounting
Free Course
Learn more about assessing and completing the accounting cycle.
Description Outcome Certification View course modules

This is a continuation of our series of accounting courses that will greatly increase your knowledge and understanding of the theory of accounting and accounting practices. This free online accounting course explains the processes used to close your accounts at the end of an accounting period, from creating a worksheet that facilitates the generation of the Income Statement and Retained Earnings statement to the generation of the Balance sheet.

You will also be shown how a Classified Balance sheet is broken down into current and long-term assets and liabilities. The important Current Ratio figure is calculated and explained in context. You will also learn a little about the history of accounting systems and the impact of computerization on the process.

This accounting course will be of great interest to entrepreneurs and business professionals who would like to get a thorough introduction to accounting principles, and to any learner who is interested in accounting as a future career.

At the end of this course the learner will be able to:


  • Prepare a work sheet for a service company;
  • Summarize the steps in the accounting cycle;
  • Prepare an income statement, statement of retained earnings, and balance sheet using information contained in the work sheet;
  • Prepare adjusting and closing entries using information contained in the work sheet;
  • Analyze and use the financial results - the current ratio;
  • Prepare a post-closing trial balance;
  • Describe the evolution of accounting systems;
  • Prepare a classified balance sheet;

All Alison courses are free to enrol, study and complete. To successfully complete this Certificate course and become an Alison Graduate, you need to achieve 80% or higher in each course assessment. Once you have completed this Certificate course, you have the option to acquire official Certification, which is a great way to share your achievement with the world. Your Alison Certification is:

Ideal for sharing with potential employers - include it in your CV, professional social media profiles and job applications
An indication of your commitment to continuously learn, upskill and achieve high results
An incentive for you to continue empowering yourself through lifelong learning

Alison offers 3 types of Certification for completed Certificate courses:

Digital Certificate - a downloadable Certificate in PDF format, immediately available to you when you complete your purchase
Certificate - a physical version of your officially branded and security-marked Certificate, posted to you with FREE shipping
Framed Certificate - a physical version of your officially branded and security-marked Certificate in a stylish frame, posted to you with FREE shipping

All Certification is available to purchase through the Alison Shop. For more information on purchasing Alison Certification, please visit our faqs. If you decide not to purchase your Alison Certification, you can still demonstrate your achievement by sharing your Learner Record or Learner Achievement Verification, both of which are accessible from your Dashboard. For more details on our Certification pricing, please visit our Pricing Page.

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