Accounting for Art Galleries (CPE Course)

CPE Credit: 2 hours

Course Type: Downloaded PDF materials with online test

Price (with PDF Textbook): $25

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Course Description
Art galleries are subject to a surprising number of accounting issues, because of the manner in which they operate. In the Accounting for Art Galleries course, we cover the impact of economic nexus on their sales tax reporting requirements, the accounting for consignment sales, how to account for artwork inventory, the types of fixed assets they are most likely to track, how their chart of accounts is structured, the need for cash sale reporting to the Internal Revenue Service, and much more.

Author: Steven Bragg

Course Number: AC1137

Learning Objectives

  • Recognize the types of collectors that buy from an art gallery.

  • Specify financial characteristics of the art gallery business model.

  • Identify how the economic entity concept may be violated by an art gallery.

  • Recognize how the economic nexus concept can impact an art gallery.

  • Identify the most likely inventory method for an art gallery to use.

  • Recognize the fields normally found in the inventory records of an art gallery.

  • Identify the main concepts relating to the depreciation of fixed assets.

  • Identify the accounts in a general ledger that are unique to an art gallery.

  • Specify the IRS reporting form used to report large cash sales by an art gallery.

  • Identify the metrics that an art gallery could monitor to enhance its financial results.

Level: Overview

Instructional Method: QAS Self-Study

NASBA Category: Accounting

Prerequisites: None

Advance Preparation: None

Latest Review Date: April 2023

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.

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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.