CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Agricultural Accounting

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

Course Materials

Below are the materials for Agricultural Accounting.

Agricultural Accounting (pdf)

Course Description

This course addresses every aspect of the accounting that one might encounter in a farm, ranch, or related business. The intent is to not only explain accounting concepts, but also to provide examples and show how an accounting system can be constructed and operated. The course pays particular attention to unique aspects of agricultural accounting that are not encountered in other industries, including special valuation rules for inventory, hedging transactions, dealing with cooperatives, and recording non-current farm assets.

Learning Objectives

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

Chapter 1

  • Recognize the different accounting principles
  • Cite the line items and classifications used within the financial statements
  • Note the differences between financial and managerial accounting

Chapter 2

  • Note the differences between cash basis and accrual basis accounting
  • Identify the concepts behind the accrual-adjusted approach

Chapter 3

  • Note the types of source documents for an accounting system
  • Recognize how assets and liabilities are classified within the balance sheet
  • Recognize the structure used in the chart of accounts

Chapter 4

  • Identify the different types of accounting transactions and how they are recorded
  • Recognize the characteristics of contra accounts and note how they are used

Chapter 5

  • Note the methods used to derive the allowance for doubtful accounts

Chapter 6

  • Note the different classifications of securities
  • Recognize how the other comprehensive income classification is used
  • Note the calculation for the net proceeds from the sale of an investment

Chapter 7

  • Recognize the issues with using the periodic inventory system
  • Identify the calculation for net realizable value and when this valuation can be used

Chapter 8

  • Identify the components of a depreciation calculation, and how the mid-month convention can be used in calculating depreciation
  • Cite the calculations used for the accelerated depreciation methods
  • Note the entry used to record the disposal of a fixed asset

Chapter 9

  • Identify the investments that are considered to be permanent land developments
  • Recognize the costs incurred in the development of non-current assets
  • Note the different types of intermediate-life plants and how their costs are classified

Chapter 10

  • Recognize the methods used to create supplier identification numbers
  • Note the structure of the Form 1099-MISC and its parts

Chapter 11

  • Recognize the reasons for reconciling loan accounts

Chapter 12

  • Cite the circumstances under which a tax position is recognized
  • Note the tax rate used in interim reporting periods

Chapter 13

  • Note the process flow for using the other comprehensive income classification
  • Recognize the different types of hedging transactions
  • Recognize the nature of a highly effective hedge and its effect

Chapter 14

  • Identify the types of cooperatives
  • Note the recognition criteria for patronage refunds and sales to cooperatives

Chapter 15

  • Recognize the unique aspects of loans from the Commodity Credit Corporation

Chapter 16

  • Identify the different types of entries used when closing the books
  • Identify how the income summary account is used
  • Note the analysis methods used to review preliminary financial statements

Chapter 17

  • Recognize the different types of disclosures that should be attached to farm financial statements

Chapter 18

  • Define the different classifications of ratios
  • Identify the calculations used for each of the farm analysis ratios

Course Specifics

Course ID
1163450
Revision Date
August 12, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

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 »

Agricultural Accounting

Expert Instructors
Format
CPE CREDITS
10 Credits: Accounting

$290.00$320.00

Clear
You purchased this course on:
2019-02-20 03:38:00
2019-02-22 05:24:00
Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
10 Credits: Accounting

Course Materials

Below are the materials for Agricultural Accounting.

Agricultural Accounting (pdf)

Course Description

This course addresses every aspect of the accounting that one might encounter in a farm, ranch, or related business. The intent is to not only explain accounting concepts, but also to provide examples and show how an accounting system can be constructed and operated. The course pays particular attention to unique aspects of agricultural accounting that are not encountered in other industries, including special valuation rules for inventory, hedging transactions, dealing with cooperatives, and recording non-current farm assets.

Learning Objectives

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

Chapter 1

  • Recognize the different accounting principles
  • Cite the line items and classifications used within the financial statements
  • Note the differences between financial and managerial accounting

Chapter 2

  • Note the differences between cash basis and accrual basis accounting
  • Identify the concepts behind the accrual-adjusted approach

Chapter 3

  • Note the types of source documents for an accounting system
  • Recognize how assets and liabilities are classified within the balance sheet
  • Recognize the structure used in the chart of accounts

Chapter 4

  • Identify the different types of accounting transactions and how they are recorded
  • Recognize the characteristics of contra accounts and note how they are used

Chapter 5

  • Note the methods used to derive the allowance for doubtful accounts

Chapter 6

  • Note the different classifications of securities
  • Recognize how the other comprehensive income classification is used
  • Note the calculation for the net proceeds from the sale of an investment

Chapter 7

  • Recognize the issues with using the periodic inventory system
  • Identify the calculation for net realizable value and when this valuation can be used

Chapter 8

  • Identify the components of a depreciation calculation, and how the mid-month convention can be used in calculating depreciation
  • Cite the calculations used for the accelerated depreciation methods
  • Note the entry used to record the disposal of a fixed asset

Chapter 9

  • Identify the investments that are considered to be permanent land developments
  • Recognize the costs incurred in the development of non-current assets
  • Note the different types of intermediate-life plants and how their costs are classified

Chapter 10

  • Recognize the methods used to create supplier identification numbers
  • Note the structure of the Form 1099-MISC and its parts

Chapter 11

  • Recognize the reasons for reconciling loan accounts

Chapter 12

  • Cite the circumstances under which a tax position is recognized
  • Note the tax rate used in interim reporting periods

Chapter 13

  • Note the process flow for using the other comprehensive income classification
  • Recognize the different types of hedging transactions
  • Recognize the nature of a highly effective hedge and its effect

Chapter 14

  • Identify the types of cooperatives
  • Note the recognition criteria for patronage refunds and sales to cooperatives

Chapter 15

  • Recognize the unique aspects of loans from the Commodity Credit Corporation

Chapter 16

  • Identify the different types of entries used when closing the books
  • Identify how the income summary account is used
  • Note the analysis methods used to review preliminary financial statements

Chapter 17

  • Recognize the different types of disclosures that should be attached to farm financial statements

Chapter 18

  • Define the different classifications of ratios
  • Identify the calculations used for each of the farm analysis ratios

Course Specifics

Course ID
1163450
Revision Date
August 12, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

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 »

Agricultural Accounting

Expert Instructors
Format
CPE CREDITS
10 Credits: Accounting
You purchased this course on:
2019-02-20 03:38:00
2019-02-22 05:24:00

$290.00$320.00

Clear