Casino Accounting
Posted By admin On 11/04/22CPE Credit: 10 hours
WHAT IS CASINOTRAC? The CasinoTrac casino management system by Table Trac, Inc. Delivers comprehensive insights to your business ranging from accounting and revenue audits to Players Club and promotions. Now processing millions of transactions daily at over 150 casinos worldwide, it provides full functionality on all levels of casino operations. Staff Accountant. One avenue to accounting within the gaming and casinos industry is to.
Course Type: Downloaded PDF materials with online test
Price (with PDF Textbook): $67
Course Description
Casino and gaming operations have some of the most unique accounting and control issues found in any industry. Accounting for Casinos and Gaming delves into gaming operations, covering those accounting issues most relevant to a gaming entity. Topics covered include the accounting for loyalty and incentive programs, jackpots, chips and tokens, licensing fees, payroll, marker collections, fixed assets, and interest capitalization. The course also addresses gaming controls and federal reporting requirements. This unique resource is ideal for anyone operating a casino or gaming operation, or who wants to learn more about the industry.
Author: Steven Bragg
Course Number: AC1100
Casino Accounting And Financial Management
Table of Contents
Chapter 1. Gaming Operations
Chapter 2. The System of Accounting
Chapter 3. Gaming-Specific Accounting
Chapter 4. Payroll Accounting
Chapter 5. Receivables and Payables Accounting
Chapter 6. Fixed Asset Accounting
Chapter 7. Interest Capitalization
Chapter 8. Debt Accounting
Chapter 9. Controls and Policies
Chapter 10. Financial Reports
Chapter 11. Reporting Requirements
Learning Objectives
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.
Specify how a TITO system functions.
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.
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.
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.
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.
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.
Identify the situations in which interest capitalization should be used.
Specify the correct accounting treatment of loan commitment fees.
Recall which information is listed in a loan amortization table.
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.
Recognize the line items used in each of the financial statements.
State the requirements for being subject to the Bank Secrecy Act, and the reporting requirements associated with it.
Level: Overview
Instructional Method: QAS Self-Study
NASBA Category: Accounting
Prerequisites: None
Advance Preparation: None
Program Registration Requirements: Click on 'Purchase Course' near the top of this page to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.
Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.
AccountingTools, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
The NASBA sponsor identification number for Accountingtools, Inc. is 115881.
AccountingTools is an IRS Approved Continuing Education Provider. We are compliant with the requirements for continuing education providers (as described in sections 10.6 and 10.9 of the Department of Treasury’s Circular No. 230 and in other IRS guidance, forms, and instructions). Our IRS Approved Continuing Education Provider number is 72821.
Gaming and Casinos Industry Accounting
- Staff Accountant
- Accounting Manager
- Procurement Specialist
- Accounting Analyst
- Controller
Many people enjoy gaming and gambling as hobbies and forms of entertainment. Some even enjoy them as fields of study and profession. Even those individuals, however, are not interested in gambling with their career paths. These five accounting jobs in the gaming and casino industry provide directions to make informed career decisions.
1. Staff Accountant
Casino Accounting Supervisor
One avenue to accounting within the gaming and casinos industry is to work in general accounting for a gaming company or casino. One would typically start as an intern, then progress to junior accountant, eventually become a staff accountant, and possibly ultimately arrive at the level of senior accountant. Duties include gathering weekly accounting information, developing and implementing plans to improve revenue and get a pulse for the clientele, or in other words, the financial input and output experienced by gamers and gamblers. To get an idea of whether or not this is a suitable career path, The Muse explains one woman’s story of accounting in the casino industry.
2. Accounting Manager
Those who are interested in accounting but prefer to work with people would enjoy careers as accounting managers. Accounting managers oversee the work of staff accountants. They help with hiring, task delegation, and strategy formation. They serve as coaches and mentors to the accounting staff and oversee annual performance reviews. They must possess a strong knowledge base of both accounting and gaming in order to inform the work of accountants in this industry, but the bulk of their daily practice lies in human relations and business strategy.
3. Procurement Specialist
Procurement specialists, on the other hand, work primarily in data and statistics. This is a great role for those who gravitate equally towards numbers and the gaming and casino industries. Their duties include creating and purchasing orders based on the information provided by the accounting staff. They manage all company or institution invoicing, so they are responsible for helping the accounting staff understand whether or not their proposed projects are financially feasible. If this sounds like a desirable career path, explore the overview offered by ProcurementSpecialist.Org, which also includes a guide to academic programs across the United States.
4. Accounting Analyst
The budgets and invoice reports produced by procurement specialists, the project plans and results collected by staff accountants, and the personal data gathered by the accounting managers all have one thing in common. They need to be analyzed by people who know both the industry and the ins and outs of statistics. Those who fit this description will enjoy careers as accounting analysts. The results of their work greatly influence the way each individual company or casino runs, and it also influences the way people view them and participate in gaming and casinos in society.
5. Controller
Those who enjoy writing and enforcing rules, regulations, and policies are well suited for the professional life of a controller. Controllers oversee all of the work done by the rest of the accounting professionals. They know and participated in writing and updating, the rules, regulations, and policies of the specific institution or company, as well as the large gaming and casino industries. They measure performance in terms of compliance and are responsible for restoring compliance where it is lacking.
People of every skill set will find a fulfilling career in these five accounting jobs. The casino and gaming industries need to fill accounting roles that require people lovers, number crunchers, strategists, and masters of control. Gaming and gambling are current leaders in recreation and entertainment, so now is a great time to set out on one of these career paths.
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