- NY Credits : 8.0
- TX Credits : 8.0
Companion to PPC's Guide to Preparing Financial Statements - Course 1 - Automobile Dealerships, the Retailing Industry, and the Development of Real Estate for Sale or Lease (PFSTG171)
This interactive self-study course takes a look at how the accounting for three specific industries may affect financial statement preparation. Lesson 1 discusses automobile dealerships, including topics such as inventory, financing, and leasing. Lesson 2 examines the retailing industry, including topics such as inventory and accounts receivable. Finally, Lesson 3 covers the development of real estate for sale or lease. Topics covered include land development costs, primary accounting methods for sales of residential or commercial real estate, and leasing real estate to others.
Course Expiration Date: December 31, 2018
Please note, the grading fee for exams submitted by regular mail is $99.
Recognize how automobile dealerships account for inventory.
Identify considerations for automobile dealerships related to financing and insurance activities, leases, payables, environmental cleanup costs, deferred taxes, and what unique factors may affect a dealership's financial statements.
Identify appropriate inventory methods for the retailing industry and how accounts receivable are treated.
Recognize other accounting issues that affect the retailing industry and what disclosures will be needed in a retailer's financial statements.
Recognize how land development costs are accounted for, the primary accounting methods for sales of residential and commercial real estate, and how to select the best method to account for a sale.
Determine what is appropriate for sale-leaseback transactions, leasing real estate to others, real estate exchanges, impairment, investments in real estate ventures, and how financial statements are affected when real estate is involved.
Lesson 1—Automobile Dealerships
Lesson 2—Retailing Industry
Lesson 3—Development of Real Estate for Sale or Lease