- NY Credits : 4.0
- TX Credits : 4.0
This course introduces financial statement presentations specific to restaurants and bars. Chapter 1 presents bases of accounting available for financial statement presentation. Chapter 2 introduces some of the more important financial statement formats and preparation considerations for restaurants. Chapter 3 discusses note disclosures in income tax basis financial statements of restaurants and some specialized accounting topics, including accounting for loans received under the Paycheck Protection Program and closures due to the COVID-19 pandemic. Finally, chapter 4 discusses the topic of underreporting sales.
This course is most beneficial to professionals new to preparing financial statements who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to preparing financial statements for restaurants and bars.
Included with subscription(s):
Upon successful completion of this course, the user should be able to:
identify the different bases of accounting available for financial statement presentations for bars and restaurants and determine the best choice based on facts and circumstances,
identify the required elements of restaurant and bar financial statements, as well as many best practices,
determine what is required in the summary of significant accounting policies,
identify other note disclosures and specialized accounting topics relating to restaurants and bars, and
identify the effects of underreporting of sales in the bar and restaurant industry, common methods of skimming, the accountant's responsibility, and IRS methods for estimating unreported sales.