Self-Study
2
Overview
Accounting
There are no prerequisites.

Course Description

The controller plays a unique role regarding inventory, fixed assets, accounts payable, and equity management systems. The skills required for each of these departments are disparate, but they have one thing in common: success in each area depends on accurate, detailed systems of record keeping. In Controller's Role in Assets, Liabilities, and Equity, Steven Bragg breaks down each department, detailing the management strategies and techniques necessary to help you succeed. You'll gain insight and systemic knowledge on inventory valuation, fixed asset controls, controls and processes to assist accounts payable, and accounting for various components of equity.

This course covers material also contained in The New Controller Guidebook.



Instructor

Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.

Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).



Course Specifics

Accounting
Jan 25, 2017
There are no prerequisites.
SS1143403
63
None


Compliance Information

103220
Qualifies for CA Fraud: No


Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Define a perpetual inventory system
  • Identify characteristics of the first in, first out method
  • Determine how the weighted average method is applied

Chapter 2

  • List a use for passive RFID tags
  • Specify a control that can be used to stop theft of fixed assets

Chapter 3

  • Describe what is meant by scrubbing accounts payable
  • List documents used in a three-way match

Chapter 4

  • Define par value
  • List an outcome of a company buying back stock
  • Define a scrip dividend



Table of Contents

 

Chapter 1 – Inventory Management

Learning Objectives

Introduction

Controller Responsibilities

The Periodic Inventory System

The Perpetual Inventory System

How to Set Up Inventory Record Keeping

Cycle Counting

Inventory Reconciliation

The Physical Inventory Count

Inventory Costing

The First In, First Out Method

The Last In, First Out Method

The Weighted Average Method

Standard Costing

The Retail Inventory Method

Accounting for Obsolete Inventory

Summary

Chapter 1 Review Questions

Chapter 2 – Fixed Assets Management

Learning Objectives

Introduction

Controller Responsibilities

Fixed Asset Tracking

Tag Tracking

Bar Code Tracking

RFID Tracking – Active Transmission

RFID Tracking – Passive Transmission

Accounting for Fixed Assets

Fixed Asset Controls

Controls for Fixed Asset Acquisition

Controls for Fixed Asset Theft

Controls for Fixed Asset Disposal

Fixed Asset Record Keeping

Audit Requirements

Summary

Chapter 2 Review Questions

Chapter 3 – Accounts Payable Management

Learning Objectives

Introduction

Controller Responsibilities

Accounts Payable Management

Three-Way Matching

Use Taxes

Accounting for Accounts Payable

Accounts Payable Controls

Accounts Payable Record Keeping

Summary

Chapter 3 Review Questions

Chapter 4 – Equity Management

Learning Objectives

Introduction

Controller Responsibilities

Accounting for Stock

The Sale of Stock for Cash

Stock Issued in Exchange for Non-Cash Assets or Services

The Repurchase of Stock (Treasury Stock)

Accounting for Dividends

Summary

Chapter 4 Review Questions

Review Question Answers and Rationales

Chapter 1

Chapter 2

Chapter 3

Chapter 4

Glossary

Index

Qualified Assessment

Answer Sheet

Course Evaluation

 



Choose Your Preferred Format


Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

hard copy


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