Exploring Client Advisory Services - Unearned Income and Prepaid Expenses
OL1375 | On Demand Course | Update | Self-Study
Description
In most industries, it is normal to get paid after a job is done. However, what do you do if someone pays you ahead of time? The job is not done yet, so you can't recognize the revenue. Also, have you ever had to make a deposit on something ahead of time? If so, then you can't recognize the expense yet, since it has not been incurred. These situations happen all the time, but many practitioners just getting started struggle to know what to do in these instances. In this course, we will be talking about unearned income and prepaid expenses. We will talk about how the accounting differs for cash and accrual basis taxpayers, and what to do on the tax return.
Credits
| Number of Credits | Type of Credits |
|---|---|
| 1.00 | Accounting |
Highlights
- Defining Capital & Capital Structure Theories
- Calculating Weighted Average Cost of Capital (WACC)
- Cost of Common Equity
- Cost of Debt
- Cost of Preferred Equity
- Importance of WACC
Objectives
- State what the terms unearned income and prepaid expenses mean and when these situations come up.
- Identify revenue recognition and expense recognition applicable to unearned income and prepaid expenses.
- Recognize the tax implications of unearned income and prepaid expenses.
Notes
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Prices
- Member (Early Bird)
- $49.00
- Non-Member (Early Bird)
- $79.00
- Member
- $49.00
- Non-Member
- $79.00
Instructors
David Peters
David Peters is the founder and owner of Peters Tax Preparation & Consulting in Richmond, VA, as well as a financial advisor for Peters Financial, LLC. He has over 15 years of experience in financial services, including three years in the hedge fund industry and six years in the insurance industry.
David was the first-ever Chief Financial Officer at Compare.com – a position he held for over three years. He is a national CPE instructor/discussion leader for the AICPA, Kaplan, and Surgent, and he was a recipient of Surgent's Outstanding Discussion Leader award for 2019. He regularly teaches courses in accounting, finance, insurance, financial planning, and ethics throughout the United States. He is the advisor for business and industry topics for the South Carolina Association of CPAs and was a recipient of The American College of Financial Services' 2019 NextGen Financial Services Professional Award.
He holds four master's degrees and is currently pursuing his Ph.D. in financial planning. He contributes regularly to various CPA publications, including NCACPA's Interim Report, SCACPA's CPA Report, and VSCPA's Disclosures. He was also a co-author of the 2018, 2019, and 2020 versions of the Virginia CPA Ethics course – a required course for all CPAs licensed in the Commonwealth of Virginia. Registered Representative offering securities through Cetera Advisor Networks LLC, member FINRA/SIPC. Advisory services offered through Carroll Financial Associates, Inc., a Registered Investment Adviser. Carroll Financial and Cetera Advisor Networks, LLC are under separate ownership and are not affiliated with any other named entity.
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