Accounting for Art Galleries

2 Credits: Accounting


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Accounting for Art Galleries

Course Level
CPE Credits

2 Credits: Accounting

Course Description

Art galleries are subject to a surprising number of accounting issues, because of the manner in which they operate. In the Accounting for Art Galleries course, we cover the impact of economic nexus on their sales tax reporting requirements, the accounting for consignment sales, how to account for artwork inventory, the types of fixed assets they are most likely to track, how their chart of accounts is structured, the need for cash sale reporting to the Internal Revenue Service, and much more.

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Learning Objectives

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

  • Recognize the types of collectors that buy from an art gallery.
  • Specify financial characteristics of the art gallery business model.
  • Identify how the economic entity concept may be violated by an art gallery.
  • Recognize how the economic nexus concept can impact an art gallery.
  • Identify the most likely inventory method for an art gallery to use.
  • Recognize the fields normally found in the inventory records of an art gallery.
  • Identify the main concepts relating to the depreciation of fixed assets.
  • Identify the accounts in a general ledger that are unique to an art gallery.
  • Specify the IRS reporting form used to report large cash sales by an art gallery.
  • Identify the metrics that an art gallery could monitor to enhance its financial results.
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Course Specifics

Course ID
Revision Date
March 18, 2024

There are no prerequisites.

Advanced Preparation


Number of Pages

Compliance Information

NASBA Provider Number: 103220

CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

Meet The Experts

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 300 business books and courses. 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 …