Basic Accounting Procedures: Part 1
Author: Robert K Minniti
| CPE Credit: |
2 hours for CPAs |
This course is designed for individuals who would like to obtain a basic understanding of accounting procedures for the payroll, expense reports, cash disbursements, purchasing, receiving, and inventory processes.
We will discuss best practices as well as the internal controls that are necessary to ensure that the procedures are followed.
Publication Date: May 2019
Designed For
CPAs, or any individuals who need a refresher and/or need a learning tool to get you back into basics.
Topics Covered
- Accounting Procedures Overview
- Role of Technology in Accounting & Business
- Financial Statements
- Financial Statement Assertions
- Definition of Internal Controls
- Requirement for Internal Controls
- COSO Framework for Internal Controls
- What is Revenue?
- Revenue VS Gains
- Revenue Recognition 5 Core Principles
- Identifying Customer Contracts
- Determining the Transaction Price
- Sales
- Cash Sales
- Cash Larceny
- Fraudulent Checks
- Internal Controls for Sales
- How to Process Orders
- Credit Granting Procedures
- Credit Reviews
- Credit Department
- Accounts Receivable
Learning Objectives
- Identify and apply basic accounting procedures
- Recognize financial information included on a company's balance sheet
- Describe financial statement assertion applicable to account balances
- Identify the components of the COSO Internal Control Framework
- Identify the steps related to revenue recognition
- Identify the act of stealing cash after it has been recorded in the accounting system
- Identify an invoicing procedure as it relates to the accounts receivable department
- Recognize which area the financial statement assertion of cutoff is
- Identify where internal controls should be in place, according to the COSO Framework
- Identify inflows or other enhancements of assets of an entity or settlements of its liabilities from delivering or producing goods
- Identify performance obligations, the entity should do as it relates to revenue recognition
- Identify internal controls related to sales
- Describe where FOB Destination and CAP issues are
- Recognize which form should be used if a customer doesn't pay
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
None
Advance Preparation
None
