Fiduciary Accounting (CPE Course)

CPE Credit: 1.5 hours

Course Type: Downloaded PDF materials with online test

Price (with PDF Textbook): $20

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Course Description
Fiduciaries need to properly account for an estate or trust, which can be a complex undertaking. It is governed by the rules of the applicable will or trust agreement, as well as the guidelines stated in the Uniform Principal and Income Act. In the Fiduciary Accounting course, we discuss the nature of income and principal, as well as the many rules for allocating receipts and disbursements to them. The course also addresses the rules governing transfers between income and principal, the total return concept, the handling of administration charges, fiduciary accounting schedules, and much more.

Author: Steven Bragg

Course Number: AC1133

Learning Objectives

  • Recognize the different types of trusts.

  • Describe the different schedules that may be included in a fiduciary accounting.

  • Cite the rule involving possible substitutes for a fiduciary accounting.

  • Specify the calculation for net income in an estate or trust.

  • Describe the situations in which the carrying value of an asset can be reset.

  • Recognize the differing allocation treatments for periodic and non-periodic receipts.

  • Specify the situations in which one may validly make a transfer between income and principal.

  • Recognize which expenses are specifically chargeable to income and to principal.

Level: Overview

Instructional Method: QAS Self-Study

NASBA Category: Accounting

Prerequisites: None

Advance Preparation: None

Latest Review Date: September 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.