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Course Details

Agricultural Accounting - A Practitioners Guide (Course Id 1135)

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Author : Steven Bragg, CPA
Status : Production
CPE Credits : 10.0
IRS Credits : 0
Price : $99.95
Passing Score : 70%
Primary Subject-Field Of Study:

Accounting - Accounting and Auditing for Course Id 1135

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.

Usage Rank : 0
Release : 2016
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study.
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 07-Oct-2016
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 1135

Keywords : Accounting, Agricultural, Accounting, Practitioners, Guide, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

    • Recognize the different accounting principles.
    • Cite the line items and classifications used within the financial statements.
    • Note the differences between financial and managerial accounting.
    • Note the differences between cash basis and accrual basis accounting.
    • Identify the concepts behind the accrual-adjusted approach.
    • 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.
    • Identify the different types of accounting transactions and how they are recorded.
    • Describe contra accounts and how they are used.
    • Note the methods used to derive the allowance for doubtful accounts.
    • Describe 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.
    • Recognize the issues with using the periodic inventory system.
    • Identify the calculation for net realizable value and when this valuation can be used.
    • 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.
    • 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.
    • Recognize the methods used to create supplier identification numbers.
    • Note the structure of the Form 1099-MISC and its parts.
    • Recognize the reasons for reconciling loan accounts.
    • Cite the circumstances under which a tax position is recognized.
    • Note the tax rate used in interim reporting periods.
    • Note the process flow for using the other comprehensive income classification.
    • Recognize the different types of hedging transactions.
    • Describe the nature of a highly effective hedge and its effect.
    • Identify the types of cooperatives.
    • Note the recognition criteria for patronage refunds and sales to cooperatives.
    • Recognize the unique aspects of loans from the Commodity Credit Corporation.
    • 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.
    • Recognize the different types of disclosures that should be attached to farm financial statements.
    • Define the different classifications of ratios.
    • Identify the calculations used for each of the farm analysis ratios.

Chapter 1
Introduction to Agricultural Accounting

• 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
Accrual and Cash Basis Accounting

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

Chapter 3
Accounts

• 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
Accounting Transactions

• Identify the different types of accounting transactions and how they are recorded.
• Describe contra accounts and how they are used.

Chapter 5
Receivables Accounting

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

Chapter 6
Investment Accounting

• Describe 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
Inventory Accounting

• 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
Fixed Assets and Depreciation

• 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
Non-Current Farm Assets

• 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
Payables Accounting

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

Chapter 11
Debt Accounting

• Recognize the reasons for reconciling loan accounts.

Chapter 12
Income Taxes

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

Chapter 13
Derivatives and Hedging Transactions

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

Chapter 14
Cooperative Accounting

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

Chapter 15
Revenue Recognition

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

Chapter 16
Financial Statement Preparation

• 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
Financial Statement Disclosures

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

Chapter 18
Farm Financial Analysis

• Define the different classifications of ratios.
• Identify the calculations used for each of the farm analysis ratios.
Course Contents :

Chapter 1 - Introduction to Agricultural Accounting

A Note on Terminology

The Economic Entity Concept

Financial Statements

Format of the Financial Statements

Income Statement

Statement of Owner’s Equity

Balance Sheet

Statement of Cash Flows

Financial Statement Disclosures

Construction of Financial Statements

Additional Commentary on the Financial Statements

Profits vs. Cash Flows

Accounting Principles

The Certified Public Accountant

Accounting Standard-Setting Organizations

Financial Accounting and Managerial Accounting

Review Questions

Chapter 2 - Accrual and Cash Basis Accounting

Cash Basis of Accounting

Accrual Basis of Accounting

Accrual-Adjusted Approach

Converting Cash Basis to Accrual Basis Accounting

Review Questions

Chapter 3 - Accounts

Transactions

Accounts

The Chart of Accounts

Account Descriptions

Double Entry Accounting

The Accounting Equation

Journal Entries

The Trial Balance

Review Questions

Chapter 4 - Accounting Transactions

Financing Activities

Owner Investments

Associated Liabilities

Owner Withdrawals

Loans

Investing Activities

Asset Acquisitions

Asset Sales

Asset Exchanges

Asset Leases

Investments in Perennial Crops

Operating Activities

Purchases of Market Livestock and Crops

Annual Costs for Producing Perennial Crops

Feed Purchases

Supplies Purchases

Billed Expenditures

Prepaid Expenses

Payroll

Taxes

Sale of Farm Products

Receipt of Payment from Customers

Crop Insurance Proceeds

Review Questions

Chapter 5 - Receivables Accounting

The Billing Process

The Invoice

Cash Sales

The Accounts Receivable Aging Report

Estimation of the Allowance for Doubtful Accounts

Accounting for the Allowance for Doubtful Accounts

The Direct Write-off Method

Negative Bad Debt Expense

Review Questions

Chapter 6 - Investment Accounting

Types of Investments

Investment Classifications

The Realized and Unrealized Gain or Loss

Other Comprehensive Income

Purchase and Sale of Investments

The Gain or Loss Calculation

Conversion of Securities

Sale of Securities

Accounting for Dividends and Interest Income

Stock Dividends and Stock Splits

Ongoing Accounting for Investments

The Fair Value Option

Review Questions

Chapter 7 - Inventory Accounting

Accounting for Inventory – at Period-end

Summary of Inventory Valuation Rules

Accounting for Inventory - Feed

Purchase of Feed for Internal Use

Purchase of Feed for Resale

Raised Feed for Internal Use

Accounting for Inventory – Crops

Purchase of Crops for Resale

Growing Crops

Raised Crops for Sale

Accounting for Inventory - Livestock

Purchase of Market Livestock for Resale

Raised Market Livestock for Sale

Livestock Products

Inventory Co-Mingling

Review Questions

Chapter 8 - Fixed Assets and Depreciation

The Nature of Fixed Assets

The Initial Measurement of a Fixed Asset

Lump-Sum Purchases

The Purpose of Depreciation

Depreciation Concepts

Accelerated Depreciation

Sum-of-the-Years’ Digits Method

Double-Declining Balance Method

Straight-Line Method

Units of Activity Method

MACRS Depreciation

The Depreciation of Land

The Depreciation of Land Improvements

Depreciation Accounting Entries

Accumulated Depreciation

Asset Disposal Accounting

Impairment Write-downs

Review Questions

Chapter 9 - Non-Current Farm Assets

Land Development Costs

Trees and Vines

Intermediate-Life Plants

Valuation of Raised Breeding Livestock

Special Poultry Considerations

Animal Cost Tracking

Base Value Method

Non-Current Investments

Review Questions

Chapter 10 - Payables Accounting

Accounting for Accounts Payable

Early Payment Discounts

The Vendor Master File

Vendor Master File Usage

Supplier Naming Conventions

The Payables Filing System

Government Reporting

The Form 1099-MISC

Treatment of Incorrect Filings

The Form W-9

Review Questions

Chapter 11 - Debt Accounting

Basic Debt Accounting

The Amortization Schedule

Reconciling the Debt Account

Review Questions

Chapter 12 - Income Taxes

Overview of Income Taxes

Accounting for Income Taxes

Tax Positions

Deferred Tax Expense

Applicable Tax Rate

Interim Reporting

Review Questions

Chapter 13 - Derivatives and Hedging Transactions

The Nature of a Derivative

The Nature of a Hedge

Other Comprehensive Income

Derivative Accounting

Hedge Accounting - General

Hedge Accounting – Fair Value Hedges

Hedge Accounting – Cash Flow Hedges

Review Questions

Chapter 14 - Cooperative Accounting

Cooperative Accounting

Inventory Accounting

Earnings Allocations

Loss Allocations

Liabilities

Presentation Issues

Patron Accounting

Deliveries Made to Marketing Cooperatives

Inventory Delivered to a Marketing Cooperative

Advances from a Marketing Cooperative

Accrual of Patronage Refunds

Review Questions

Chapter 15 - Revenue Recognition

Effects of Inventory Valuation using Net Realizable Value

Government Programs

Sales to Cooperatives

Commodity Credit Corporation Loans

Forward Contracts

Review Questions

Chapter 16 - Financial Statement Preparation

The Accruals Concept

Adjusting Entries

Reversing Entries

Common Adjusting Entries

Accrued Expenses

Accrued Revenue

Allowance for Doubtful Accounts

Prepaid Expenses

Unpaid Taxes

Create Customer Invoices

Reconcile the Bank Statement

Calculate Depreciation

Close Accounts Payable

Review Journal Entries

Reconcile Accounts

Close Subsidiary Ledgers

Review Financial Statements

Accrue Tax Liabilities

Close the Month

Add Disclosures

Issue Financial Statements

Review Questions

Chapter 17 - Financial Statement Disclosures

Disclosure of Accounting Policies

Basis of Accounting

Nature of Operations

Use of Estimates

Basis of Combination

Cash and Cash Equivalents

Trade Accounts and Other Receivables

Basis of Inventory Valuation

Revenue Recognition

Income Taxes

Commitments

Disclosure of Inventory

Disclosure of Raised Dairy and Breeding Livestock

Disclosure of Fixed Assets

Disclosure of Deferred Income Taxes

Balance Sheet

Income Statement

Disclosure of Short Term Notes Payable

Disclosure of Long-Term Debt

Disclosure of Pension Plans

Disclosure of Investments in Cooperatives

Disclosure of Dealings with Cooperatives

Review Questions

Chapter 18 - Farm Financial Analysis

Horizontal Analysis

Financial Ratio Analysis

Performance Ratios

Net Profit Ratio

Operating Income Ratio

Quality of Earnings Ratio

Breakeven Point

Efficiency Ratios

Asset Turnover Ratio

Working Capital Turnover

Liquidity Ratios

Current Ratio

Cash Ratio

Debt to Equity Ratio

Debt Service Coverage Ratio

Capital Debt Repayment Capacity

Return on Investment Ratios

Return on Equity

Return on Assets

Net Farm Income

EBITDA

Livestock Analysis Formulas

Review Questions

Glossary

Accounting Course 1135 Home: https://www.cpethink.com/accounting-cpa-courses
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