Agricultural Accounting

10 Credits: Accounting


Webcasts are available for viewing Monday – Saturday, 8am – 8pm ET.
Without FlexCast, you must start with enough time to finish. (1 Hr/Credit)

 Secure Transaction

Agricultural Accounting

Course Level
CPE Credits

10 Credits: Accounting

Course Description

This thorough CPE self study course is specifically tailored for professionals working in or with agricultural businesses, providing an in-depth understanding of the accounting practices unique to this industry. The course delves into various critical aspects of agricultural accounting, such as the different principles, financial statement preparation, and the distinctive methods of inventory valuation and asset recording unique to agriculture. Additionally, it covers complex topics like hedging transactions, cooperatives, and the management of non-current farm assets. Through practical examples and detailed explanations, participants will learn how to effectively set up and manage an agricultural accounting system. This CPE self study course is not just about learning agricultural accounting principles; it offers practical skills and knowledge crucial for accurately managing the financial aspects of a farm, ranch, or related business.

Show More
Show Less

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
Show More
Show Less

Course Specifics

Course ID
Revision Date
September 9, 2022

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 …