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Question(s) / Instruction(s):

A company has just hired you as its new senior accountant. As part of your job duties, you will be responsible for leading and managing the month-end and year-end closing process. During your first month on the job, the company’s auditing firm has asked you to document the closing process (both monthly and yearly), including each step involved.

 

The document should discuss the routine steps that are followed on a monthly and yearly basis as well as the steps that make up the company’s accounting cycle. Further, you will need to describe how the closing process directly impacts the preparation of financial statements. Make sure you incorporate several basic accounting principles and assumptions, such as the matching principle, revenue recognition principle, monetary-unit assumption, etc. You must incorporate research to complete this assignment.

 

Write a 4 page memo to the audit firm which includes the following information:

 

Part 1

•Month-end process

•Year-end close process

•Basic steps of the accounting cycle

Part 2

•Explain how the closing process impacts the company’s financial statements.

•What accounting assumptions and principles are involved in the month-end and year-end closing process? How is GAAP adhered to?

Part 3

•Summarize your memo by advocating for the use of standard practices in financial reporting.

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