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
Instructor
Robert K Minniti
DBA, CPA, CFE, Cr.FA, CVA, MAFF, CFF, CGMA, PI
Dr. Minniti is the President and Owner of Minniti CPA, LLC. Dr. Minniti is a Certified Public Accountant, Certified Forensic Accountant, Certified Fraud Examiner, Certified Valuation Analyst, Certified in Financial Forensics, Master Analyst in Financial Forensics, Chartered Global Management Accountant, and is a licensed private investigator in the state of Arizona.
Dr. Minniti received his doctoral degree in business administration from Walden University, received his MBA degree and Graduate Certificate in Accounting from DeVry University’s Keller Graduate School of Management, and received his Bachelor of Science in Business Administration degree from the University of Phoenix. Dr. Minniti taught graduate and undergraduate courses in forensic accounting at DeVry University, Grand Canyon University, Kaplan University, Northwestern University, and the University of Phoenix. He designed graduate and undergraduate courses for Grand Canyon University, Northwestern University, and Anthem College.
He is a writer and public speaker. He has experience in forensic accounting, fraud examinations, financial audits, internal audits, compliance audits, real estate valuations, business valuations, internal control development, business continuation planning, risk management, cyber security, privacy laws, data security, Sarbanes-Oxley compliance work and business consulting. In addition to his practice Dr. Minniti is an instructor teaching continuing professional education classes for a variety of providers and CPA Societies.
Dr. Minniti is currently serving as a board member on the National Association of Certified Valuators and Analysts' (NACVA) Litigation Forensics Board (LFB) and as a committee member on the Arizona State Board of Accountancy's Law Review Advisory Committee.