Accounting for Commercial Fishing
Commercial fishing operations have a number of unique characteristics, such as large investments in vessels and fishing permits, as well as profit sharing payouts in the form of crew shares. In the Accounting for Commercial Fishing course, we cover the accounts to be used, crew shares, the capital construction fund, the basis of accounting, fixed asset accounting, the financial statements, government reporting, and much more – the essential knowledge needed to account for a commercial fishing operation.
Format
PDF Course
Level
Overview
Duration
1 Hour
Course Information
Author: Steven Bragg
Course Number: AC1138
Learning Objectives
- Recognize how the economic entity concept can be violated by a commercial fishing operator.
- Specify the advantages and disadvantages of single-entry and double-entry systems.
- Identify the underlying concepts associated with the accounting for fixed assets.
- Recognize the different types of accounts that may be used in a commercial fishing operation’s chart of accounts.
- Identify the forms that a commercial fishing operation may need to file with the IRS.
Level: Overview
Instructional Method: QAS Self-Study
NASBA Category: Accounting
Prerequisites: None
Advance Preparation: None
Latest Review Date: April 2024
Program Registration Requirements: Click on the Enroll button to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.
Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.