Table of Contents
Accounting for Commercial Fishing1
| Introduction | 1 |
| The Nature of Commercial Fishing Operations | 1 |
| The Economic Entity Concept | 2 |
| Record Keeping | 3 |
| Commercial Fishing Accounts | 3 |
| The Chart of Accounts | 4 |
| Payroll Issues | 6 |
| Capital Construction Fund | 6 |
| Single and Double Entry Accounting | 6 |
| Single-Entry Accounting | 6 |
| Double-Entry Accounting | 7 |
| Cash Basis vs. Accrual Basis Accounting | 9 |
| Fixed Assets | 10 |
| Gains and Losses | 12 |
| The Financial Statements | 13 |
| Income Statement | 13 |
| Balance Sheet | 14 |
| Statement of Cash Flows | 16 |
| The Break-Even Point | 17 |
| Government Reports | 17 |
| Form 1099-MISC | 17 |
| Form 8300 | 18 |
| Summary | 21 |
| Review Questions | 22 |
Answers to Review Questions23
Glossary24
Index26
Course Details
Author: Steven M. Bragg, CPA
Steven Bragg, CPA, has been the chief financial officer or controller of four companies, as well as a consulting manager at Ernst & Young. He received a master’s degree in finance from Bentley College, an MBA from Babson College, and a Bachelor’s degree in Economics from the University of Maine. He has been a two-time president of the Colorado Mountain Club, and is an avid alpine skier, mountain biker, and certified master diver. Mr. Bragg resides in Centennial, Colorado. He has written more than 300 books and courses, including New Controller Guidebook, GAAP Guidebook, and Payroll Management.
Publication/Revision Date: 9/28/2026
Course Exam Questions (online): 5 (multiple-choice)
Program Delivery Method: NASBA QAS Self-Study
Available Formats of Course Text: PDF or PDF plus printed copy sent in the mail
Course Level, Prerequisites, and Advance Preparation Requirements
| License | Course Level | Prerequisites | Advance Preparation Requirements |
|---|
| CPA | Overview | None | None |
Sponsor ID Numbers
National Registry of CPE Sponsors ID: 107615
State CPA Board Sponsor ID Numbers (where applicable)
Florida Division of Certified Public Accounting: 0004761
Hawaii Board of Public Accountancy: 14003
New York State Board for Public Accountancy: 002146
Ohio Accountancy Board: CPE .51 PSR
Pennsylvania State Board of Accountancy: PX178025
Texas State Board of Public Accountancy: 009349
Learning Objectives
As a result of studying the course material, you should be able to meet the objectives listed below:
- Recognize how the economic entity concept can be violated by a commercial fishing operator.
- Specify the advantages and disadvantages of single-entry and double-entry systems.
- Identify the underlying concepts associated with the accounting for fixed assets.
- Recognize the different types of accounts that may be used in a commercial fishing operation's chart of accounts.
- Identify the forms that a commercial fishing operation may need to file with the IRS.
