Completing the Accounting Cycle Free Online Course | Alison

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Completing the Accounting Cycle

Learn how to assess and complete the accounting cycle and understand the information contained in the worksheet.

Free Course
This free online accounting course will teach you how to assess and complete the accounting cycle, and how to understand the information contained in a worksheet. In this course you will study the processes used to close 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, and more.





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This course begins with a discussion on the worksheet. You will learn that an accounting worksheet is a tool that helps bookkeepers and accountants complete the accounting cycle and prepare year-end reports such as unadjusted trial balances, adjusting journal entries, adjusted trial balances, and financial statements. You will study the accounting closing process, also called closing the books, which is required in the preparation of accounts for financial statements and the start of the next accounting period.

You will then look into manual and computerized accounting systems, the history of accounting systems, and the impact of computerization on the process. This course will also discuss the classified balance sheet which is a financial statement that reports asset, liability, and equity accounts in meaningful subcategories so that readers can find it easy to understand. You will also look into the current ratio which is a liquidity ratio used to measure a company's ability to pay short-term obligations or those due within one year.

Accounting is a system of recording and summarizing business and financial transactions. Upon the completion of this course, you will be familiar with the preparation of a worksheet for a service company, the steps in the accounting cycle, the preparation of an income statement, the statement of retained earnings, the balance sheet, the preparation of a post-closing trial balance, and more. Sign up for this course and gain a thorough understanding of the accounting principles today!

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Learning Outcomes

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 an official Certificate, which is a great way to share your achievement with the world. Your Alison Certificate 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 Certificates for completed Certificate courses:

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All Certificates are available to purchase through the Alison Shop. For more information on purchasing Alison Certificates, please visit our FAQs. If you decide not to purchase your Alison Certificate, 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 Certificate pricing, please visit our Pricing Page.


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