Real Estate Accounting
Apply the correct accounting treatment to every type of real estate transaction. This course explains how to account for real estate sales, property exchanges, and time-share intervals, and then connects these transactions to proper financial statement presentation and disclosure. You will also address rental activities and investments in real estate ventures, building a structured framework for analyzing and recording complex real estate deals accurately.
Format
PDF Course
Course Lists
Duration
9 Hours
Course Information
Author: Steven Bragg
Course Number: AC1146
Table of Contents
Chapter 1. Introduction to Accounting
Chapter 2. Initial Real Estate Costs
Chapter 3. Purchase of Income-Producing Property
Chapter 4. Real Estate Sales
Chapter 5. Nonmonetary Exchanges
Chapter 6. Time-Sharing Activities
Chapter 7. Rent Topics
Chapter 8. Property Management
Chapter 9. Asset Retirement and Environmental Obligations
Chapter 10. Real Estate Ventures
Chapter 11. Housing Associations
Learning Objectives
- Recognize the underlying principles of accounting, the nature of the accounting cycle, and the types of organizations that can be used to engage in real estate transactions.
- Specify the types of project costs, as well as when and how to capitalize interest on a real estate project.
- Identify the steps involved in accounting for an acquired income-producing property, as well as the process flow for goodwill impairment testing. Also, recognize the alternative treatment of amortizing goodwill, and the circumstances under which it can be used.
- Specify the steps in the five-step revenue recognition process.
- Identify the options available for valuing exchanged property, and the use of boot in calculating profits.
- Identify the characteristics of time-share arrangements, as well as the factors to consider when evaluating the sufficiency of the bad debt allowance.
- Identify the main characteristics of lease accounting as it pertains to rental arrangements.
- Recognize the nature of contingent rent agreements, lease incentives, and leasehold improvements, and the accounting for them.
- Specify the fiduciary role played by a property manager, as well as the accounting issues faced by this person.
- Specify the criteria for recognizing asset retirement obligations, as well as the rules for calculating these obligations. Also, identify the criteria for recognizing environmental obligations.
- Identify the calculation requirements for the equity method of accounting, as well as the origin of the costs used in the cost method, and the treatment of investor loans to a venture.
- Recognize the types of entities that can be classified as common interest realty associations, as well as the accounting for special assessments.
Level: Overview
Instructional Method: QAS Self-Study
NASBA Category: Accounting
Prerequisites: None
Advance Preparation: None
Latest Review Date: September 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.