Upon successful completion of this course, participants will be able to: Chapter 1 Recognize the different accounting principles Cite the line items and classifications used within the financial statements Note the differences between financial and managerial accounting Chapter 2 Note the differences between cash basis and accrual basis accounting Identify the concepts behind the accrual-adjusted approach Chapter 3 Note the types of source documents for an accounting system Recognize how assets and liabilities are classified within the balance sheet Recognize the structure used in the chart of accounts Chapter 4 Identify the different types of accounting transactions and how they are recorded Recognize the characteristics of contra accounts and note how they are used Chapter 5 Note the methods used to derive the allowance for doubtful accounts Chapter 6 Note the different classifications of securities Recognize how the other comprehensive income classification is used Note the calculation for the net proceeds from the sale of an investment Chapter 7 Recognize the issues with using the periodic inventory system Identify the calculation for net realizable value and when this valuation can be used Chapter 8 Identify the components of a depreciation calculation, and how the mid-month convention can be used in calculating depreciation Cite the calculations used for the accelerated depreciation methods Note the entry used to record the disposal of a fixed asset Chapter 9 Identify the investments that are considered to be permanent land developments Recognize the costs incurred in the development of non-current assets Note the different types of intermediate-life plants and how their costs are classified Chapter 10 Recognize the methods used to create supplier identification numbers Note the structure of the Form 1099-MISC and its parts Chapter 11 Recognize the reasons for reconciling loan accounts Chapter 12 Cite the circumstances under which a tax position is recognized Note the tax rate used in interim reporting periods Chapter 13 Note the process flow for using the other comprehensive income classification Recognize the different types of hedging transactions Recognize the nature of a highly effective hedge and its effect Chapter 14 Identify the types of cooperatives Note the recognition criteria for patronage refunds and sales to cooperatives Chapter 15 Recognize the unique aspects of loans from the Commodity Credit Corporation Chapter 16 Identify the different types of entries used when closing the books Identify how the income summary account is used Note the analysis methods used to review preliminary financial statements Chapter 17 Recognize the different types of disclosures that should be attached to farm financial statements Chapter 18 Define the different classifications of ratios Identify the calculations used for each of the farm analysis ratios

Agricultural Accounting Accrual and Cash Basis Accounting Accounts Accounting Transactions Receivables Accounting Investment Accounting Inventory Accounting Fixed Assets and Depreciation Non-Current Farm Assets Payables Accounting Debt Accounting Income Taxes Derivatives and Hedging Transactions Cooperative Accounting Revenue Recognition Financial Statement Preparation Financial Statement Disclosures Farm Financial Analysis