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.
Learning Objectives
Upon successful completion of this course, participants will be able to:
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.
Major Topics
The Nature of Commercial Fishing Operations
Record Keeping
Payroll Issues
Capital Construction Fund
Cash Basis vs. Accrual Basis Accounting
The Break-Even Point
Government Reports
Form 1099-MISC
Form 8300
