- NY Credits : 5.0
- TX Credits : 5.0
Bar and Restaurant Financial Statement Presentation Including Measurement and Disclosure Issues
Upon successful completion of Bar and Restaurant Financial Statement Presentation Including Measurement and Disclosure Issues, 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, and
identify other note disclosures and specialized accounting topics relating to restaurants and bars.
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.