CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Accounting for Casinos and Gaming

Icon_Self-Study
QAS Self-Study
Icon_Level
Overview
Credits
CPE Credits
10 Credits: Accounting

Course Description

The gaming industry is a unique environment for the accountant. There is far more cash than is normally found in most organizations, plus a number of different transactions to account for – jackpots, loyalty programs, gaming chips, comps, and more. The result can be bewildering. Accounting for Casinos and Gaming is designed to bring clarity to the situation by providing an overview of gaming operations, and describing those accounting issues most relevant to a gaming entity.

Topics covered include the accounting for loyalty and incentive programs, jackpots, chips and tokens, licensing fees, payroll, marker collections, fixed assets, interest capitalization, gaming controls, and federal reporting requirements.

Learning Objectives

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

Chapter 1

  • Recognize the factors that can impact the level of gaming taxes.
  • Identify the different types of games.
  • Specify the responsibilities of a casino controller.
  • Recognize the responsibilities of the cage staff, and the types of transactions that they handle.
  • State the types of transactions used to supply chips to and remove cash from a gaming table.
  • Recognize the calculation for gross gaming revenue.
  • Identify the contents of a table drop box.
  • Note how a TITO system functions.

Chapter 2

  • Recognize the different accounting principles.
  • Recall which accounting system incorporates the concept of being out of balance.
  • Specify the source of the information for the trial balance.

Chapter 3

  • Recall the definition of revenue in the gaming industry.
  • Identify the operations within a casino that can produce a deferred revenue liability.
  • Specify the proper accounting for the different types of comps, promotional allowances, and deals offered to customers.

Chapter 4

  • Identify the situations in which a Form W-4 is used.
  • Recognize the methods used to calculate employee compensation.
  • Recall the timing of payroll tax deposits under the different deposit schedules.
  • Specify how the FUTA tax is calculated.

Chapter 5

  • State the reasons why a casino might accept a write-down on a marker.
  • Specify why the direct write-off method is not the best way to account for bad debts.

Chapter 6

  • Recall the costs that can be capitalized into a fixed asset.
  • Specify the intent behind using the mid-month convention.
  • Identify the calculations used for accelerated depreciation methods.
  • Recall the proper accounting for idle assets.

Chapter 7

  • Identify the situations in which interest capitalization should be used.

Chapter 8

  • Specify the correct accounting treatment of loan commitment fees.
  • Recall which information is listed in a loan amortization table.

Chapter 9

  • Specify the different types of theft that can arise in a casino.
  • Identify the controls that can apply to comps, markers, bingo, and dealers.
  • Recognize the logging mechanisms used to identify currency transaction reporting issues.

Chapter 10

  • Recognize the line items used in each of the financial statements.

Chapter 11

  • State the requirements for being subject to the Bank Secrecy Act, and the reporting requirements associated with it.

Course Specifics

Course ID
1153431
Revision Date
April 21, 2022
Prerequisites

There are no prerequisites.

Advanced Preparation

None

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)

Course Instructor

Steven M. Bragg Headshot
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 …

Steven M. Bragg, CPA Read More »

Accounting for Casinos and Gaming

Expert Instructors
CPE CREDITS
10 Credits: Accounting

$290.00$320.00

Clear
Icon_Self-Study
QAS Self-Study
Icon_Level
Overview
Credits
CPE Credits
10 Credits: Accounting

Course Description

The gaming industry is a unique environment for the accountant. There is far more cash than is normally found in most organizations, plus a number of different transactions to account for – jackpots, loyalty programs, gaming chips, comps, and more. The result can be bewildering. Accounting for Casinos and Gaming is designed to bring clarity to the situation by providing an overview of gaming operations, and describing those accounting issues most relevant to a gaming entity.

Topics covered include the accounting for loyalty and incentive programs, jackpots, chips and tokens, licensing fees, payroll, marker collections, fixed assets, interest capitalization, gaming controls, and federal reporting requirements.

Learning Objectives

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

Chapter 1

  • Recognize the factors that can impact the level of gaming taxes.
  • Identify the different types of games.
  • Specify the responsibilities of a casino controller.
  • Recognize the responsibilities of the cage staff, and the types of transactions that they handle.
  • State the types of transactions used to supply chips to and remove cash from a gaming table.
  • Recognize the calculation for gross gaming revenue.
  • Identify the contents of a table drop box.
  • Note how a TITO system functions.

Chapter 2

  • Recognize the different accounting principles.
  • Recall which accounting system incorporates the concept of being out of balance.
  • Specify the source of the information for the trial balance.

Chapter 3

  • Recall the definition of revenue in the gaming industry.
  • Identify the operations within a casino that can produce a deferred revenue liability.
  • Specify the proper accounting for the different types of comps, promotional allowances, and deals offered to customers.

Chapter 4

  • Identify the situations in which a Form W-4 is used.
  • Recognize the methods used to calculate employee compensation.
  • Recall the timing of payroll tax deposits under the different deposit schedules.
  • Specify how the FUTA tax is calculated.

Chapter 5

  • State the reasons why a casino might accept a write-down on a marker.
  • Specify why the direct write-off method is not the best way to account for bad debts.

Chapter 6

  • Recall the costs that can be capitalized into a fixed asset.
  • Specify the intent behind using the mid-month convention.
  • Identify the calculations used for accelerated depreciation methods.
  • Recall the proper accounting for idle assets.

Chapter 7

  • Identify the situations in which interest capitalization should be used.

Chapter 8

  • Specify the correct accounting treatment of loan commitment fees.
  • Recall which information is listed in a loan amortization table.

Chapter 9

  • Specify the different types of theft that can arise in a casino.
  • Identify the controls that can apply to comps, markers, bingo, and dealers.
  • Recognize the logging mechanisms used to identify currency transaction reporting issues.

Chapter 10

  • Recognize the line items used in each of the financial statements.

Chapter 11

  • State the requirements for being subject to the Bank Secrecy Act, and the reporting requirements associated with it.

Course Specifics

Course ID
1153431
Revision Date
April 21, 2022
Prerequisites

There are no prerequisites.

Advanced Preparation

None

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)

Course Instructor

Steven M. Bragg Headshot
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 …

Steven M. Bragg, CPA Read More »

Accounting for Casinos and Gaming

Expert Instructors
CPE CREDITS
10 Credits: Accounting

$290.00$320.00

Clear