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Secure Transaction Accounting for Restaurants and Bars
Format
Self-Study
Course Level
Overview
CPE Credits
4 Credits: Accounting
Course Description
Restaurants and bars typically produce low profit margins, so they need a strong accounting system to help identify ways to improve those profits. In the Accounting for Restaurants and Bars course, we cover all aspects of the necessary accounting systems, as well as the controls needed to keep fraud in check. Course materials include the accounting for inventory, fixed assets, leases, revenues, expenses, and payroll, as well as a discussion of how to close the books and produce performance metrics.
Learning Objectives
Upon successful completion of this course, participants will be able to:
- Cite the accounts that can be included in the chart of accounts for a restaurant or bar.
- Specify the structure and content of the financial statements for a restaurant or bar.
- Identify how a similar unit comparison can be employed by the manager of a restaurant or bar.
- Specify how the par level is used in inventory monitoring.
- State the main characteristics of a system of fixed asset depreciation.
- Identify the accounting for a leasehold improvement.
- Identify the accounting for a lease by the lessee.
- Specify how guest checks and house accounts are used.
- Define expendable items in a restaurant.
- Specify the accounting for mandatory gratuity charges.
- Identify the accounting for a restaurant’s web site.
- Specify the accounting for a payroll, including the treatment of tips.
- Recognize the types of fraud found in a restaurant or bar.
- Specify the metrics used by restaurants and bars, and how they can be misleading.
Course Specifics
SS124379668
March 29, 2024
There are no prerequisites.
None
103
Compliance Information
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 …
QAS Self-Study
