Basic Accounting Procedures: Part 2
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
- Payroll Procedures
- Employee vs Independent Contractor
- Exempt vs Non-Exempt
- Payroll Procedures
- Expense Report Procedures
- Cash Disbursements Procedures
- Purchasing Procedures
- Receiving Procedures
- Types of Inventory
- Inventory Valuation Methods
- Inventory Calculation
- Inventory Procedures
- Types of Fixed Assets
- Fixed Asset Purchases
- Depreciation
- Asset Dispositions
- Tracking Fixed Assets
- Security for Fixed Assets
Learning Objectives
- Identify basic accounting procedures
- Identify an aspect of behavioral control as it relates to an employee vs. independent contractor assessment
- Recognize the steps in the new hire process for an employee
- Identify internal controls related to expense processing
- Recognize things to consider related to shrinkage, breakage, spoilage, and obsolescence
- Identify types of tangible fixed assets
- Recognize matching principle procedure is an estimate of the reduction in value of a fixed asset over time
- Recognize function works in conjunction with human resources to ensure employees are paid properly in a timely manner
- Identify an aspect of financial control as it relates to the employee vs. independent contractor assessment
- Describe which form should be properly completed for an independent contractor
- Describe inventory valuation methods
- Recognize what is never considered to be a type of fixed asset
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
None
Advance Preparation
None
