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A Review of an Automotive Dealership Balance Sheet and Income Statement (AUTO)

  • Customer Rating
    Not Yet Rated
  • Field of Study
    Accounting
  • Level
    Basic
  • Credits
    2
  • Qualifies for

    CPE

Overview

Most new CPAs that start working with Automobile dealers do not understand how a dealership operates or what automotive terms are used in these operations. Another problem facing new CPAs is how and why the dealership financial statement is structured. The goal of this seminar is help the beginning CPA understand the terms that used are in an automobile dealership and why these terms are important to the structure of the financial statement. Once the CPA understands these terms and financial statement structure, they will have a better idea of how the dealership management staff is able to measure how the dealership in operating.

Major Topics:

  • Why the accounts on the Balance Sheet and Income statement are in a certain order
  • What each account represents
  • What importance does each account represent to the Controller
  • Have a basic understanding of automotive terms
  • Why the Balance Sheet has different information vs. the Income Statement

Learning Objectives

  • Understand the accounts that make up an Automobile dealership Balance Sheet and Income Statement
  • Know automotive terms and how they apply to the business

Who should take this course:

Designed for:

The beginning accounting person to improve their understanding of automobile operations

Prerequisite:

None

Advanced Preparation:

None

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