Before enrolling in "Accounting for Casinos and Gaming," professionals might find the accounting landscape of the gaming industry complex and challenging, with its unique transactions and cash-intensive operations. However, after completing this CPE self study course, participants will undergo a significant transformation in their professional capabilities. They will transition from uncertainty to proficiency, armed with a deep understanding of the specific accounting needs of the gaming industry, including the handling of various types of transactions and federal reporting requirements. The bridge to this transformation is the course's comprehensive and practical approach, which not only educates on the theoretical aspects of casino accounting but also provides real-world applications. This online CPE course is vital for any accountant seeking to excel in the unique and fast-paced world of gaming industry accounting.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Chapter 1
Recognize the factors that can impact the level of gaming taxes.
Identify the different types of games.
Specify the responsibilities of a casino controller.
Recognize the responsibilities of the cage staff, and the types of transactions that they handle.
State the types of transactions used to supply chips to and remove cash from a gaming table.
Recognize the calculation for gross gaming revenue.
Identify the contents of a table drop box.
Note how a TITO system functions.
Chapter 2
Recognize the different accounting principles.
Recall which accounting system incorporates the concept of being out of balance.
Specify the source of the information for the trial balance.
Chapter 3
Recall the definition of revenue in the gaming industry.
Identify the operations within a casino that can produce a deferred revenue liability.
Specify the proper accounting for the different types of comps, promotional allowances, and deals offered to customers.
Chapter 4
Identify the situations in which a Form W-4 is used.
Recognize the methods used to calculate employee compensation.
Recall the timing of payroll tax deposits under the different deposit schedules.
Specify how the FUTA tax is calculated.
Chapter 5
State the reasons why a casino might accept a write-down on a marker.
Specify why the direct write-off method is not the best way to account for bad debts.
Chapter 6
Recall the costs that can be capitalized into a fixed asset.
Specify the intent behind using the mid-month convention.
Identify the calculations used for accelerated depreciation methods.
Recall the proper accounting for idle assets.
Chapter 7
Identify the situations in which interest capitalization should be used.
Chapter 8
Specify the correct accounting treatment of loan commitment fees.
Recall which information is listed in a loan amortization table.
Chapter 9
Specify the different types of theft that can arise in a casino.
Identify the controls that can apply to comps, markers, bingo, and dealers.
Recognize the logging mechanisms used to identify currency transaction reporting issues.
Chapter 10
Recognize the line items used in each of the financial statements.
Chapter 11
State the requirements for being subject to the Bank Secrecy Act, and the reporting requirements associated with it.
Major Topics
Gaming Operations
Accounting Systems
Gaming Specific Accounting
Payroll Accounting
Receivables and Payables Accounting
Fixed Asset Accounting
Interest Capitalization
Debt Accounting
Accounting Controls and Policies
Financial Reports
Reporting Requirements
